Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6653eb418ae12_7456653eb41144f2.jpg)
Transcribed Image Text:
Required information [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 March 1 Beginning inventory 160 units March 5 Purchase March 9 Sales March 18 Purchase 115 units March 25 March 29 Purchase 255 units $52.20 per unit @ $57.20 per unit @ $62.20 per unit 210 units $64.20 per unit 320 units $87.20 per unit Units Sold at Retail Sales Totals 740 units 190 units 510 units @ $97.20 per unit 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific Identification. For specific identification, units sold include 95 units from beginning inventory, 225 units from the March 5 purchase, 75 units from the March 18 purchase, and 115 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual Perpetual Weighted Specific FIFO LIFO Average Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date Cost # of units per unit # of units sold Cost per unit Cost Cost of Goods Sold # of units per Inventory Balance unit $ March 1 160 at = 52.20 $ 8,352.00 March 5 Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals Required information [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 March 1 Beginning inventory 160 units March 5 Purchase March 9 Sales March 18 Purchase 115 units March 25 March 29 Purchase 255 units $52.20 per unit @ $57.20 per unit @ $62.20 per unit 210 units $64.20 per unit 320 units $87.20 per unit Units Sold at Retail Sales Totals 740 units 190 units 510 units @ $97.20 per unit 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific Identification. For specific identification, units sold include 95 units from beginning inventory, 225 units from the March 5 purchase, 75 units from the March 18 purchase, and 115 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual Perpetual Weighted Specific FIFO LIFO Average Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date Cost # of units per unit # of units sold Cost per unit Cost Cost of Goods Sold # of units per Inventory Balance unit $ March 1 160 at = 52.20 $ 8,352.00 March 5 Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Prepare the stockholders equity section of Waldemar Corporations balance sheet from the following accounts and balances on December 31, 2014: Common Stock, $10 par value, 30,000 shares authorized,...
-
Select the correct answer for each of the following questions. 1. During 20X3. Park Corporation recorded sales of inventory costing \(\$ 500,000\) to Small Company, its wholly owned subsidiary, on...
-
Define cradle-to-grave responsibility for a hazardous waste generator. Discuss the regulatory requirements for packaging, storage, transportation, and manifesting. For how long is the generator...
-
Your supervisor has asked you to research a potential tax deduction for a client, Nancy Fradette. Nancy is a seat-filler at a number of the award shows that are filmed in the greater Los Angeles...
-
A company that forgoes the discount when credit terms are 2/10 net 60 due to insufficient cash flow would be better off to borrow funds and take the discount as long the company could borrow the...
-
Find the derivative of the following function. yein (x+8) Question 12,7 dy 616 dx (Type an exact answer, using as needed)
-
TenAlpina is adding a new product line, which will add some new revenues and costs. Based on Guilia's estimates, and assuming that the volumes for piton production and sales do not change, how many...
-
Two types of work on buildings that are not defined as "construction" and are therefore not included in the $4,000,000 limitation on O&M funded construction a. Replacement and repair b. Maintenance...
-
What are the total plant assets? The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: Land Service Revenue Rent Expense Insurance Expense Prepaid Insurance...
-
E-Show the timing of the following code sequence in MIPS Integer pipeline assume forwarding, scheduling and branch uses delayed branch and all memory references are in cache. MARKS) LOOP: LW R3,0(R1)...
-
After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2021, unadjusted trial balance of Business Solutions (reflecting its...
-
The Macaulay duration of a 10 year $100 par value bond with annual coupons of $X is 6.96 years at an annual effective interest rate of 10%. Calculate X. Give your answer as a decimal rounded to two...
-
(Lessee Entries, Capital Lease with Monthly Payments) John Roesch Inc. was incorporated in 2006 to operate as a computer software service firm with an accounting fiscal year ending August 31. _...
-
(Lessor Computations and Entries; Sales-Type Lease with Guaranteed Residual Value) Laura Jennings Inc. manufactures an X-ray machine with an estimated life of 12 years and leases it to Craig Gocker...
-
(Lessee Computations and Entries; Capital Lease with Guaranteed Residual Value) Assume the same data as in P21-13 and that Craig Gocker Medical Center has an incremental borrowing rate of 10%....
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App