Required information

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.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Mar.

1

Beginning inventory

210

units

@ $53.20 per unit

Mar.

5

Purchase

280

units

@ $58.20 per unit

Mar.

9

Sales

370

units

@ $88.20 per unit

Mar.

18

Purchase

140

units

@ $63.20 per unit

Mar.

25

Purchase

260

units

@ $65.20 per unit

Mar.

29

Sales

240

units

@ $98.20 per unit

Totals

890

units

610

units

Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 [The following information applies to the questions displayed below.] Warnerwoods Company uses perpetual inventory system. It entered into the following purchases and sales transactions for March. Activities Units Acquired at Cost 210 units $53.20 per unit 280 units $58.20 per unit Units Sold at Retail Date 1 Beginning inventory 5 Purchase Sales Mar Mar 370 units $88.20 per unit Mar 140 units $63.20 per unit 260 units $65.20 per unit ase Mar. 25 Purchase Mar. 29 Sales 240 units $98.20 per unit 610 units 890 units Totals Problem 6-1A Part 1 Required Compute cost of goods availab for sale and the numb units available Cost of Goods Available for Sale Cost of Goods Available for Sale Cost per Unit #of units Beginning inventory Purchases: March 5 March 18 March 25 Total ! Required information 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 Activities Units Acquired at Cost 210 units $53.20 per unit 280 units $58.20 per unit Units Sold at Retail Date 1 Beginning inventory Mar. Mar. 5 Purchase 370 units $88.20 per unit Mar. 9 Sales 18 Purchase 140 units $63.20 per unit 260 units $65.20 per unit Mar. ase Mar 20 240 units 0 $98.20 per unit 890 units 610 units Totals Problem 6-1A Part 2 2. Compute the number of units in ending inventory. Ending inventory units Required information 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 Activities Beginning inventory Units Acquired at Cost Units Sold at Retail Date 210 units $53.20 per unit Mar. 280 unitsner unit Mar. 5 Purchase 370 units $88.20 per unit Mar. 9 Sales 140 units $63.20 per unit Mar. 18 Purchase 260 unitsner unit Mar.25 Purchase 240 units $98.20 per unit Mar. 29 Sales 610 units 890 units Totals Problem 6-1A 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 120 units from beginning inventory and 250 units from the March 5 purchase; the March 29 sale consisted March 25 purchase. f 100 units from the March 18 purchase and 140 units from the Complete this question by entering your answers in the tabs below. Perpetual Perpetual Weighted Specific Average Id FIFO LIFO Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Pu Inventory Balance Cost of Goods Sold Cost Cost Cost #of units sold Cost of Goods Sold of units Inventory Balance # of units Date per unit $ per unit per unit 210 53.20 March 1 11,172.00 March 5 March 9 March 18 March 25 March 29 Totals 0.00 S Problem 6-1A 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 120 units from beginning inventory and 250 units from the March 5 purchase; the March 29 sale consisted of 100 units from the March 18 purchase and 140 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual Perpetual Weighted Specific FIFO LIFO Id Average Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Cost cost of Goods#of units Cost Cost per unit of units sold Inventory Balance #of Date per unit per unit units Sold $ 53.20 210 March 1 11,172.00 March 5 March 9 March 18 March 25 March 29 Totals 0.00 Weighted Average Perpetual FIFO Problem 6-1A 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 120 units from beginning inventory and 250 units from the March 5 purchase; the March 29 sale consisted of 100 units from the March 18 purchase and 140 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual Perpetual Weighted Specific Average Id FIFO LIFO Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Cost # of units Cost Cost of Cost of Inventory Balance Date # of units per unit per unit per unit units Goods Sold sold $ 210@53.20 March 1 = 11,172.00 March 5 Average March 9 March 18 Average March 25 March 29 Totals 0.00 Perpetual LIFO Specific Id Problem 6-1A 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 120 units from beginning inventory and 250 units from the March 5 purchase; the March 29 sale consisted of 100 units from the March 18 purchase and 140 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual Perpetual Weighted Specific LIFO FIFO Average Ic Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 120 units from beginning inventory and 250 units from the March 5 purchase; the March 29 sale consisted of 100 units from the March 18 purchase and 140 units from the March 25 purchase. Show less A Specific Identification: Goods Purchased Cost of Goods Sold Inventory Balance Cost Cost Cost # of units per unit # of units sold Cost of Goods Sold Inventory Balance # of units Date per unit per unit 210@ March 1 53.20 11,172.00 March 5 March 9 March 18 March 25 March 29 0.00 Totals Weighted Average Specific Id> Required information 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. Activities Beginning inventory Units Acquired at Cost Units Sold at Retail Date @ $53.20 210 units per unit Mar a$58.20 Mar. 5 Purchase 280 units per unit @$88.20 per 370 units unit 9 Sales Mar. a $63.20 Mar. 18 Purchase 140 units per unit $65.20 260 units ner unit Mar. 25 Purchase $98.20 per unit 240 units Mar.29 Sales 890 units 610 units Totals 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 consisted of 120 units from beginning inventory and 250 units from the March 5 purchase; the March 29 sale consisted of 100 units from the March 18 purchase and 140 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) Avg.Cost Spec. ID Gross Margin FIFO LIFO Sales Less: Cost of goods sold Gross profit