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its one question but 4 parts to it can someone help with process but add how u did it I'm horrible with numbers and would
its one question but 4 parts to it can someone help with process but add how u did it I'm horrible with numbers and would appreciate something I can use for study reference
Problem 5-1A (Static) 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 100 units @ $50 per unit 400 units @ $55 per unit Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 420 units $85 per unit 120 units 200 units @ $60 per unit @ $62 per unit 160 units 580 units @ $95 per unit 820 units Problem 5-1A (Static) Part 1 Required: 1. Compute cost of goods available for sale and the number of units available for sale. Required information Problem 5-1A (Static) 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 Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Units Acquired at Cost 100 units @ $50 per unit 400 units @ $55 per unit 420 units @ $85 per unit 120 units 200 units @ $60 per unit @ $62 per unit Sales Totals 160 units 580 units @ $95 per unit 820 units Problem 5-1A (Static) Part 2 2. Compute the number of units in ending inventory Ending inventory units Required information Problem 5-1A (Static) 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 Date March 1 March 5 March 9 March 18 March 25 March 29 Units Acquired at Cost 100 units @ $50 per unit 400 units @ $55 per unit Units sold at Retail Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 420 units @$85 per unit 120 units 200 units @ $60 per unit @ $62 per unit 820 units 160 units 580 units @ $95 per unit Problem 5-1A (Static) Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, ( weighted average, and (d) specific identification. For specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 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 Required information Problem 5-1A (Static) 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 100 units @ $50 per unit 400 units @ $55 per unit Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 420 units @ $85 per unit 120 units 200 units @ $60 per unit @ $62 per unit 160 unitsh @ $95 per unit 820 units 580 units Problem 5-1A (Static) Part 4 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. (Round weighted average cost per unit to 2 decimal places.)Step by Step Solution
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