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[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
[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. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{11}{|c|}{ Perpetual FIFO: } \\ \hline \multirow[b]{2}{*}{ Date } & \multicolumn{2}{|c|}{ Goods Purchased } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{5}{|c|}{ Inventory Balance } \\ \hline & \# of units & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \begin{tabular}{c} \# of units \\ sold \end{tabular} & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & Cost of Goods Sold & \multicolumn{2}{|c|}{# of units } & \multirow{2}{*}{\begin{tabular}{c} \begin{tabular}{c} Cost per \\ unit \end{tabular} \\ $53.00 \end{tabular}} & \multicolumn{2}{|r|}{\begin{tabular}{c} Inventory \\ Balance \end{tabular}} \\ \hline March 1 & & & & & & 200 & at & & = & $10,600.00 \\ \hline \multirow{2}{*}{\multicolumn{11}{|c|}{ March 5}} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Total March 5} \\ \hline \multirow{2}{*}{\multicolumn{11}{|c|}{ March 9}} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Total March 9} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ March 18} \\ \hline \multirow{2}{*}{\multicolumn{11}{|c|}{ Total March 18}} \\ \hline & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline \multirow{2}{*}{\multicolumn{11}{|c|}{ March 25}} \\ \hline & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline \end{tabular} Perpetual FIFO Weighted Average \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{11}{|c|}{ Perpetual LIFO: } \\ \hline \multirow[b]{2}{*}{ Date } & \multicolumn{2}{|c|}{ Goods Purchased } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{5}{|c|}{ Inventory Balance } \\ \hline & \# of units & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \begin{tabular}{l} \# of units \\ sold \end{tabular} & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & Cost of Goods Sold & \multicolumn{2}{|c|}{ \# of units } & \multirow{2}{*}{\begin{tabular}{|c|} \begin{tabular}{c} Cost per \\ unit \end{tabular} \\ $53.00 \\ \end{tabular}} & \multicolumn{2}{|r|}{\begin{tabular}{l} Inventory \\ Balance \end{tabular}} \\ \hline March 1 & & & & & & 200 & at & & = & $10,600.00 \\ \hline \multirow{2}{*}{\multicolumn{11}{|c|}{ March 5}} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Total March 5} \\ \hline \multirow{2}{*}{\multicolumn{11}{|c|}{ March 9}} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Total March 9} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ March 18} \\ \hline \multicolumn{11}{|l|}{ Total March 18} \\ \hline & & & & & & & & & & \\ \hline \multirow{2}{*}{\multicolumn{11}{|c|}{ March 25}} \\ \hline & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline \end{tabular} Perpetual FIFO Weighted Average \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{11}{|c|}{ Weighted Average Perpetual: } \\ \hline \multirow[b]{3}{*}{ March 1} & \multicolumn{2}{|c|}{ Goods Purchased } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{5}{|c|}{ Inventory Balance } \\ \hline & \# of units & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \begin{tabular}{c} \# of units \\ sold \end{tabular} & \multirow[t]{2}{*}{ Cost per unit } & Cost of Goods Sold & \multicolumn{2}{|c|}{ \# of units } & \begin{tabular}{c} Cost per \\ unit \end{tabular} & \multicolumn{2}{|c|}{ Inventory Balance } \\ \hline & & & & & & 200 & at & 53.00 & = & $10,600.00 \\ \hline \multirow{2}{*}{\multicolumn{11}{|c|}{ March 5}} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Average March 5} \\ \hline \multicolumn{11}{|l|}{ March 9} \\ \hline \multirow{2}{*}{\multicolumn{11}{|c|}{ March 18}} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Average March 18} \\ \hline \multirow{2}{*}{\multicolumn{11}{|c|}{ March 25}} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Average March 25} \\ \hline \multicolumn{11}{|l|}{ March 29} \\ \hline Totals & & & & & 0.00 & & & & & \\ \hline \end{tabular} Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 115 units f units from the March 5 purchase, 95 units from the March 18 purchase, and 135 units from the March 25 purchase. 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 115 units from beginning inventory, 245 units from the March 5 purchase, 95 units from the March 18 purchase, and 135 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar
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