Problem 6-1A 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 170 units @ $52.40 per unit 260 units @ $57.40 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 330 units @ $87.40 per unit 120 units @ $62.40 per unit 220 units @ $64.40 per unit 770 units 200 units 39740 per unit 530 units Problem 6-1A 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 # of units Cost of Goods Available Unit for Sale Cost per Beginning inventory Purchases March 5 March 18 March 25 Total [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 170 units @ $52.40 per unit 260 units @ $57.40 per unit 330 units @ $87.40 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 120 units@ $62.40 per unit 220 units @ $64.40 per unit 200 units @ $97.40 per unit 530 units 770 units Problem 6-1A Part 2 2. Compute the number of units in ending inventory units Ending inventory Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Cost of Goods Sold Goods Purchased # of Cost per units unit Date # of units sold Cost per Cost of Goods Sold Inventory Balance Cost per Inventory N of units unit Balance 170 @ $52.40 $ 890800 unit March 1 March 5 Print March 9 ferences March 18 March 25 March 29 0.00 Totals Perpetual FIFO Perpetual UFO Weighted Average Specifically Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 100 units from beginning inventory and 230 units from the March 5 purchase; the March 29 sale consisted of 80 units from the March 18 purchase and 120 units from the March 25 purchase. Specific Identification: Goods Purchased Date #of unit March 1 March 5 Cost per Cost of Goods Sold # of units Cost of Goods sold Cost per Sold Inventory Balance N of units Cost per laventory Balance unit 170 e $ 52.40 = 5 8,908 00 March 9 March 18 March 25 March 29 IH 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 170 units $52.40 per unit 260 units $57.40 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 330 units $87.40 per unit 120 units $62.48 per unit 220 units $64.40 per unit 770 units 200 units 592.40 per une 530 units ces Problem 6-1A Part 4 4. Compute gross profit earned by the company for each of the four costing methods for specific identification the March 9 sale from the March 18 purchase and 120 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar) FIFO UFO Arg. Cont Spec. Gross Margin Sales Less: Cost of goods sold Gross proti
