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Im having difficulties with solving these problems please help thank you, Required Information Problem 6-2AA Periodic: Alternative cost flows LO P3 [The following information applies
Im having difficulties with solving these problems please help thank you,
Required Information Problem 6-2AA Periodic: Alternative cost flows LO P3 [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodIc inventory system. It entered into the following purchases and sales transactions for March. Date Mar Mar Mar Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities Units Acquired at Cost 125 units$60 per unit 425 units $65 per unit Units Sold at Retail 1 Beginning inventory 5 Purchase 9 Sales 445 units $95 per unit 170 units $70 per unit 250 units$72 per unit 210 units $105 per unit 655 units 970 units Totals For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 365 units from the March 5 purchase; the March 29 sale consisted of 65 units from the March 18 purchase and 145 units from the March 25 purchase. Problem 6-2AA 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 Unit Cost of Goods Available #of Units for Sale Beginning inventory $ Purchases: March 5 0 March 18 0 March 25 0 0 Total 2. Compute the number of units in ending inventory. units Ending inventory Cost of Goods Available for a) Periodic FIFO Cost of Goods Sold Ending Inventory Sale Cost of of Cost per Cost ofunits in Cost per Ending Inventory #of Cost per Goods Available #of units units Goods unit unit ending inventory unit sold Sold for Sale s 0.00 S S 0.00 S Beginning inventory 0 0 Purchases: S 0.00 S 0.00 S 0.00 s 0.00 S 0.00 March 5 0 0 0 March 18 0 0 March 25 0 0 C Total 0 Cost of Goods Available for b) Periodic LIFO Cost of Goods Sold Ending Inventory Sale Cost of #of Cost ofunits in Cost per Ending #of Cost per Goods Cost per Goods # of Available units for Sale Inventor units unit unit di unit sold Sold inventory Beginning inventory 0 Purchases: March 5 0 March 18 March 25 Total Cost of Goods Available for c) Average Cost Cost of Goods Sold Ending Inventory Sale Average Cost ofunits in Cost perInventory Cost of #of Average Ending Average Goods # of # of Cost per Goods Cost per Available units unit units ending inventory sold Unit Sold unit for Sale Beginning inventory Purchases: March 5 March 18 March 25 Total S Cost of Goods Available for d) Specific Identification Cost of Goods Sold Ending Inventory Sale Cost of Cost per Goods unit #of Cost per Cost ofunits in Cost per Ending Inventory #of # of Available units for Sale Goods units unit ending inventory unit sold Sold Beginning inventory 0 Purchases: March 5 0 March 18 0 March 25 Total 4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 declmal places and final answers to nearest whole dollar.) Specific Identification Weighted Average FIFO LIFO Sales Less: Cost of goods sold Gross profit 0S 0 S 0S 0Step by Step Solution
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