Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need helping inputting these entries. Can you please show calculations, I'll use it to study. it's one question with different parts ! Required information
I need helping inputting these entries. Can you please show calculations, I'll use it to study.
it's one question with different parts
! Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 (The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 160 units @ $52.20 per unit 255 units @ $57.20 per unit 320 units @ $87.20 per unit Date Activities Mar 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 115 units @ $62.20 per unit 210 units @ $64.20 per unit 190 units @ $97.20 per unit 510 units 740 units Problem 6-1A Part 1 Problem 6-1A Part 1 f4 Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale Cost of Goods Available # of units Unit for Sale Cost per ed Beginning inventory Purchases: k March 5 March 18 ces March 25 Total Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sale transactions for March. Units Sold at Retail Units Acquired at Cost 160 units @ $52.20 per unit 255 units @ $57.20 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 320 units @ $87.20 per unit 115 units @ $62.20 per unit 210 units @ $64.20 per unit 740 units 190 units @ $97.20 per unit 510 units Problem 6-1A Part 2 2. Compute the number of units in ending inventory. Ending inventory units Problem 6-1A Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, () LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 95 units from beginning inventory and 225 units from the March 5 purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 115 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Required information Goods Purchased Cost of Goods Sold Cost per # of units Date Cost per # of units sold unit Cost per Inventory Balance # of units Inventory unit Balance 160 $ 52 20 = $ 8,352.00 Cost of Goods Sold unit March 1 March 5 March 9 March 18 March 25 March 29 Totals 0.00 Perpetual Perpetual LIFO Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 [The following information applies to the questions displayed below) Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Units Acquired at Cost 160 units @ $52.20 per unit 255 units@ $57.20 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 320 units @ $87.20 per unit 115 units @ $62.20 per unit 210 units @ $64.28 per unit 199 units @ $97.20 per unit 510 units 740 units Problem 6-1A Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO. (b) LIFO. (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 95 units from beginning inventory and 225 units from the March 5 purchase the March 29 sale consisted of 75 units from the March 18 purchase and 115 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: Goods Purchased # of Inventory Balance Inventory Date Cost per Cost of Goods Sold Cost per Cost of Goods Sold unit # of units sold Cost per # of units Haus Required information Perpetual LIFO: Goods Purchased # of units unit Date Cost per # of units sold Cost of Goods Sold Cost per Cost of Goods Sold unit Cost per Inventory Balance # of units In rentory unit Balance 160 @ 552 20 = 8,352.00 March 1 March 5 March 9 March 18 March 25 March 29 Totals $ 0.00 ! Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 [The following information applies to the questions displayed below.) Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Units Acquired at Cost 160 units@ $52.20 per unit 255 units @ $57.20 per unit Date Activities . 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar 25 Purchase Mar. 29 Sales Totals 320 units @ $87.20 per unit 115 units @ $62.20 per unit 210 units @ $64.20 per unit 740 units 190 units @ $97.20 per unit 510 units Problem 6-1A Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO. (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 95 units from beginning inventory and 225 units from the March 5 purchase the March 29 sale consisted of 75 units from the March 18 purchase and 115 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: SOLO Required information Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Cost of Goods Sold Weighted Average Perpetual: Goods Purchased # of Date units unit March 1 Inventory Balance Cost per # of units sold Cost per Cost of Goods Sold unit # of units Cost per unit Inventory Balance 552 20 = $ 8,352.00 160 March 5 Average March 9 March 18 Average March 25 March 29 Totals $ 0.00 Perpetual LIFO Specific ld > for March Units Sold at Retail Units Acquired at Cost 160 units @ $52.20 per unit 255 units @ $57.20 per unit Date Activities Mar 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 320 units @ $87.20 per unit 115 units @ $62.20 per unit 210 units @ $64.20 per unit 190 units @ $97.28 per unit 510 units 740 units Problem 6-1A Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO. (6) LIFO. (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 95 units from beginning inventory and 225 units from the March 5 purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 115 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 95 units from beginning inventory and 225 units from the March 5 purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 115 units from the March 25 purchase. Inventory Balance Specific Identification: Goods Purchased Date #of units unit March 1 Cost per Cost of Goods Sold Cost of Goods unit Sold # of units sold Cost per Cost per # of units unit Inventory Balance 160 @ $ 52 20 = $ 8.352.00 March 5 n beginning inventory and 225 units from the March 5 purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 115 units from the March 25 purchase. Cost of Goods Sold Inventory Balance Specific Identification: Goods Purchased #of Date units unit March 1 Cost per Cost per Cost per # of units sold Cost of Goods Sold # of units unit Inventory Balance unit $ 52.20 = 5 8.352.00 160 @ March 5 March 9 March 18 March 25 March 29 0.00 Totals Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 [The following information applies to the questions displayed below.) Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Units Acquired at Cost 160 units @ $52.20 per unit 255 units @ $57.20 per unit 320 units@ $87.20 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 115 units @ $62.2e per unit 210 units@ $64.20 per unit 190 units @ $97.20 per unit 510 units 740 units Problem 6-1A Part 4 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 95 units from beginning inventory and 225 units from the March 5 purchase, the March 29 sale consisted of 75 units from the March 18 purchase and 115 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) FIFO LIFO Avg. Cost Spec. ID Gross Margin Sales Less: Cost of goods sold Gross profit Problem 6-5A Lower of cost or market LO P2 A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Cost Market Units 340 255 321 199 $ 95 116 91 57 $103 105 100 46 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 475 286 207 155 98 315 13e 89 327 180 165 75 102 89 110 Required: 1. Calculate the lower of cost or market for the inventory applied separately to each item. 2. If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Invento account. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the lower of cost or market for the inventory applied separately to each item. Required: 1. Calculate the lower of cost or market for the inventory applied separately to each item. 2. If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the lower of cost or market for the inventory applied separately to each item. Per Unit Total LCM applied to: Individual Items Item Units Cost Market Cost Market 340 $ 95 $ 103 255 116 105 Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms 321 91 100 199 57 46 475 155 130 Locks 286 98 89 Cameras 207 315 327 180 75 89 Binocular equipment Tripods Stabilizers Total 165 102 110 Reed Required 2 > ALLUUIIL Complete this question by entering your answers in the tabs below. Required 1 Required 2 If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. View transaction list Journal entry worksheet 1 Record LCM adjustment. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journalStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started