Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help fixing my problem Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold

Need help fixing my problem

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

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 @ $50.00 per unit 400 units @ $55.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 420 units @ $85.00 per unith 120 units @ $60.00 per unit zee units @ $62.00 per unit 828 units 160 units @ $95.00 per unit 580 units Problem 5-14 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 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. X Answer is not complete. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold Inventory Balance Cost # of units Inventory per Balance unit $ 100 a $ 5,000.00 50.00 March 1 March 5 400 100 a 55.00 $ 5,000.00 $ 50.00 S 55.00 400 22,000.00 $ 27,000.00 March 9 100 a = $ 5,000.00 0 50.00 $ 55.00 $ 50.00 $ 55.00 320 II 17,600.00 80 Il 4,400.00 $ 22,600.00 $ 4,400.00 March 18 120 80 X @ $ 60.00 $ 4,000.00 120 X a 50.00 $ 55.00 $ 60.00 6,600.00 200 X @ 12,000.00 22,600.00 March 25 200 $ 80 62.00 = $ 4,000.00 200 X @ 11,000.00 200 X @ 50.00 $ 55.00 $ 60.00 S 62.00 12,000.00 400 @ = 24,800.00 $ 51,800.00 March 29 80 x a $ 4,000.00 55 = $ 2,750.00 $ 50.00 $ 55.00 $ 50.00 $ 55.00 @ 0.00 @ 80 March 29 a $ 55 4,000.00 II @ $ 2,750.00 50.00 a = 0.00 a $ 50.00 $ 55.00 $ 60.00 $ 62.00 55.00 $ 60.00 $ 62.00 0.00 0.00 @ $ 4,000.00 $ 2,750.00 Totals $ 26,600.00 $ 2,750.00 Perpetual LIFO: Cost of Goods Sold Goods Purchased # of units unit Cost per Date Cost per # of units sold unit Cost of Goods Sold Inventory Balance Cost per # of units unit Inventory Balance 100 @ $ 50.00 = $ 5,000.00 March 1 March 5 March 9 March 18 March 25 March 25 March 29 s Totals 0.00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Public Sector Accounting And Finance

Authors: Prof Stephen Sunday Sharang Ph.D.

1st Edition

979-8639273353

More Books

Students also viewed these Accounting questions

Question

What key factors affect channel capacity?

Answered: 1 week ago