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please help with periodic FIFO, LIFO, average cost and specific ID. i filled out some but im not sure if its right. Che Required information
please help with periodic FIFO, LIFO, average cost and specific ID. i filled out some but im not sure if its right.
Che Required information Problem 5-1A (Algo) Periodic: Alternative cost flows LO P1 [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 Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 195 units @ $85 per unit Mar. 5 Purchase 495 units @ $90 per unit Mar. 9 Sales 515 units@ $120 per unit Mar. 18 Purchase 310 units @ $95 per unit Mar. 25 Purchase 390 units @ $97 per unit Mar. 29 Sales 350 units $130 per unit Totals 1,390 units 865 units For specific identification, the March 9 sole consisted of 60 units from beginning inventory and 455 units from the March 5 purchase, the March 29 sole consisted of 135 units from the March 18 purchase and 215 units from the March 25 purchase. Problem 5-1A (Algo) Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification (Round your "average cost per unit" to 2 decimal places.) a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per Cost of # of units Goods unit Available for Sale 195 $ 85,00 $ 16,575 # of units sold Cost per unit Cost of Goods Sold # of units in onding inventory Cost per unit Ending Inventory 1951 $ 85.00 $ 16,575 s 0.00 $ 0 Beginning inventory Purchases March 5 March 18 March 25 Total 495 $ 90.00 175 S 95.00 495 $90.00 3101 $ 95.00 390 $97.00 1,390 44,550 29.450 37.830 $ 128,405 44,550 16,625 0 $ 77,750 $ 0.00 $ 0.00 $ 0.00 0 0 0 865 0 47 LII ./MI! 3 Required information b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale 195 $ 85.00 $ 16,575 # of units sold Cost per Cost of Goods Sold Cost per unit # of units in ending inventory unit Ending Inventory $ 0 Beginning inventory Purchases March 5 March 18 March 25 Total 0 495 $ 90.00 310 $ 95,00 390 $ 97.00 1,390 44,550 29,450 37,830 $ 128,405 0 0 0 c) Average Cost Cost of Goods Sold Average Cost of Goods Available for Sale Cost of Averago # of units Cost per Goods unit Available for Sale 195 $ 16,575 # of units sold Cost of Goods Sold Ending Inventory of units in Average Ending ending Cost per Inventory unit Inventory Cost per Unit Beginning inventory Purchases March 5 March 18 March 25 495 310 390 1,390 44,550 29,450 37,830 $128.405 Total $ $ 0 d) Specific Identification Cout of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost per Goods # of units Availablo for Sale 195 $ 35.00 $ 16,575 # of units Cost per sold unit unit Cost of Goods Sold Cost per w of units in ending Inventory unit Ending Inventory $ 85.00 $ 0 $ 85.00 $ 0 Beginning inventory Purchases March 5 March 18 March 25 Total 495 $90.00 310 $ 95.00 390 $97.00 1,390 44,550 29.450 37,830 $ 128,405 $ 90,00 $95.00 $97.00 0 0 0 $ 90,00 $ 95 00 $ 97.00 0 0 0 0 0 Step by Step Solution
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