Problem 5-1A Perpetual: Alternative Cost flows (answer 1-3)

If at year-end 2011 there was an increase in the value of its inventories such that there was a reversed of W550(W is Korean won) million for the2010 write-down, how would Samsung account for this under IFRS? Would Samsung's accounting be different for this reversal if it reported under U.S. GAAP? Explain. Warner woods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. (For specific identification, the March 9 sales 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.) Compute cost of goods available for sale and the number of units available for sale. Compute the number of units in ending inventory. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. Compute gross profit earned by the company for each of the for costing methods in part 3