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If anyone can help me out with this problem id appreciate it. Part 3 has multiple parts; (a) FIFO, (b) LIFO, (c) weighted average, and
If anyone can help me out with this problem id appreciate it. Part 3 has multiple parts; (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. thank you
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Mar. Units Acquired at Cost 170 units @ $52.40 per unit 260 units@ $57.40 per unit Date Activities Mar. 1 Beginning inventory 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 330 units @ $87.40 per unit 120 units @ $62.40 per unit 220 units @ $64.40 per unit 770 units 200 units @ $97.40 per unit 530 units Problem 5-1A Part 1 Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale Cost per Cost of Goods Available # of units Unit for Sale Beginning inventory Purchases March 5 March 18 March 25 Total Required information Problem 5-1A 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 170 units @ $52.48 per unit 260 units @ $57.40 per unit Date Activities Mar 1 Beginning inventory Mar 5 Purchase Mar 9 Sales Mar 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 330 units @ $87.40 per unit 120 units @ $62.40 per unit 220 units @ $64.40 per unit 770 units 200 units @ $97.40 per unit 530 units Problem 5-1A Part 2 2. Compute the number of units in ending inventory. Ending inventory units 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 170 units @ $52.40 per unit 260 units @ $57.40 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 330 units @ $87.40 per unit 120 units @ $62.40 per unit 220 units @ $64.40 per unit 770 units 200 units @ $97.40 per unit 530 units Problem 5-1A 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 100 units from beginning inventory and 230 units from the March 5 purchase; the March 29 sale consisted of 80 units from the March 18 purchase and 120 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 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 170 units @ $52.40 per unit 260 units @ $57.40 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 330 units@ $87.40 per unit 120 units@ $62.40 per unit 220 units @ $64.40 per unit 200 units @ $97.40 per unit 530 units 770 units Problem 5-1A 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 100 units from beginning inventory and 230 units from the March 5 purchase; the March 29 sale consisted of 80 units from the March 18 purchase and 120 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) Gross Margin FIFO LIFO Avg. Cost Spec. ID Sales Less: Cost of goods sold Gross profit 2003 [The following information applies to the questions displayed below.]Step by Step Solution
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