Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information [The following information applies to the questions alsplayed below.] Warnerwoods Company uses a perlodic Inventory system. It entered Into the following purchases and

image text in transcribedimage text in transcribed Required information [The following information applies to the questions alsplayed below.] Warnerwoods Company uses a perlodic Inventory system. It entered Into the following purchases and sales transactions for March. For specific Identlfication, unlts sold Include 70 units from beginning Inventory, 450 units from the March 5 purchase, 140 units from the March 18 purchase, and 220 units from the March 25 purchase. Compute the cost assigned to ending Inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) speclfic IdentIfication. lote: Round your "average cost per unit" to 2 decimal places. 3. Compute the cost assigned to ending Inventory using (o) FIFO, (b) LIFO, (c) weighted average, and (d) speclfic Identlfication. Note: Round your "average cost per unit" to 2 decimal places. a) Periodic FIFO \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multirow[b]{3}{*}{ Beginning inventory } & \multicolumn{3}{|c|}{ Cost of Goods Available for Sale } & \multicolumn{4}{|c|}{ Cost of Goods Sold } & \multicolumn{5}{|c|}{ Ending Inventory } \\ \hline & \multirow{2}{*}{ \# of units } & \multirow{2}{*}{Costperunit} & \begin{tabular}{c|} Cost of \\ Goods \\ Available \\ for Sale \end{tabular} & \multirow{2}{*}{#ofunitssold} & \multicolumn{2}{|c|}{Costperunit} & CostofGoodsSold & \multirow[t]{2}{*}{#ofunitsinendinginventory} & \multicolumn{2}{|c|}{Costperunit} & \multicolumn{2}{|c|}{EndingInventory} \\ \hline & & & $ & & $ & 0.00 & $ & & 5 & 0.00 & $ & 0 \\ \hline \multicolumn{13}{|l|}{ Purchases: } \\ \hline March 5 & & & 0 & & $ & 0.00 & 0 & & & 0.00 & & 0 \\ \hline March 18 & & & 0 & & $ & 0.00 & 0 & & $ & 0.00 & & 0 \\ \hline March 25 & & & 0 & & & & 0 & & $ & 0.00 & & 0 \\ \hline Total & 0 & & & 0 & & & & 0 & & & & \\ \hline \end{tabular} b) Periodic LIFO \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline & \multicolumn{3}{|c|}{ Cost of Goods Available for Sale } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Ending Inventory } \\ \hline & \# of units & Costperunit & CostofGoodsAvailableforSale & #ofunitssold & Costperunit & CostofGoodsSold & #ofunitsinendinginventory & Costperunit & EndingInventory \\ \hline Beginning inventory & & & & & & & & & $ \\ \hline \multicolumn{10}{|l|}{ Purchases: } \\ \hline March 5 & & & & & & & & & 0 \\ \hline March 18 & & & & & & & & & 0 \\ \hline March 25 & & & & & & & & & 0 \\ \hline \begin{tabular}{|l} Total \\ \end{tabular} & & & & 0 & & & 0 & & \\ \hline \end{tabular} c) Average Cost \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline & \multicolumn{3}{|c|}{ Cost of Goods Available for Sale } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Ending Inventory } \\ \hline & \# of units & AverageCostperunit & CostofGoodsAvailableforSale & #ofunitssold & AverageCostperUnit & CostofGoodsSold & #ofunitsinendinginventory & AverageCostperunit & EndingInventory \\ \hline \multicolumn{10}{|l|}{ Beginning inventory } \\ \hline \multicolumn{10}{|l|}{ Purchases: } \\ \hline \multicolumn{10}{|l|}{ March 5} \\ \hline \multicolumn{10}{|l|}{ March 18} \\ \hline \multicolumn{10}{|l|}{ March 25} \\ \hline Total & & & & & & $ & & & $ \\ \hline \multicolumn{10}{|c|}{ d) Specific Identification } \\ \hline & \multicolumn{3}{|c|}{ Cost of Goods Available for Sale } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Ending Inventory } \\ \hline & \# of units & Costperunit & CostofGoodsAvailableforSale & #ofunitssold & Costperunit & CostofGoodsSold & #ofunitsinendinginventory & Costperunit & EndingInventory \\ \hline Beginning inventory & & & & & & $ & & & $ \\ \hline \multicolumn{10}{|l|}{ Purchases: } \\ \hline March 5 & & & & & & 0 & & & 0 \\ \hline March 18 & & & & & & 0 & & & 0 \\ \hline March 25 & & & & & & 0 & & & 0 \\ \hline Total & & & & 0 & & & 0 & & \\ \hline \end{tabular}

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

Financial Accounting For Decision Makers

Authors: Peter Atrill, Eddie McLaney

10th Edition

1292409185, 9781292409184

More Books

Students also viewed these Accounting questions