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G newconnect.mheducation.com Required Information Problem 6-1A Perpetual: Alter... | Chegg.com Assignment 6: Chapter 6 Week 5 Problems Saved Help Required Information Pr... | Chegg.com Assignment 6: Chapter 6 i Saved Help Save & Exit Submit Check my work 6 Required information Part 3 of 4 [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 20 for March. points Date Activities Units Acquired at Cost Units Sold at Retail Mar . 1 Beginning inventory 130 units @ $51.60 per unit Mar. Purchase 240 units @ $56.60 per unit Mar. 9 Sales 290 units @ $86.60 per unit Mar. 18 Purchase 100 units @ $61.60 per unit eBook Mar. 25 Purchase 180 units @ $63.60 per unit Mar. 29 Sales 160 units @ $96.60 per unit Totals 650 units 450 units Print References 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 80 units from beginning inventory and 210 units from the March 5 purchase; the March 29 sale consisted of 60 units from the March 18 purchase and 100 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of Cost per # of units Cost per Cost per Inventory units unit sold unit Cost of Goods Sold # of units unit Balance Mc Graw Education G newconnect.mheducation.com Required Information Problem 6-1A Perpetual: Alter... | Chegg.com Assignment 6: Chapter 6 Week 5 Problems Saved Help Required Information Pr... | Chegg.com Assignment 6: Chapter 6 i Saved Help Save & Exit Submit Check my work 6 ! Required information Part 3 of 4 Goods Purchased Cost of Goods Sold Inventory Balance Date # of Cost per # of units Cost per Inventory units unit sold Cost per Cost of Goods Sold unit # of units unit Balance March 1 130 @ $ 51.60 = $ 6,708.00 20 points March 5 240 @ $ 56.60 130 @ $ 51.60 = $ 240 @ $ 56.60 = 13,584.00 $ 20,292.00 March 9 30 @ $ 51.60 = $ 6,708.00 $ 51.60 eBook @ 160 @ $ 56.60 = 9,056.00 @ $ 56.60 $ 15,764.00 Print March 18 100 @ $ 61.60 @ $ 51.60 @ $ 56.60 @ $ 61.60 References March 25 180 @ $ 63.60 @ $ 51.60 @ $ 56.60 @ $ 61.60 @ $ 63.60 March 29 Totals $ 15,764.00 Mc Graw Hill G newconnect.mheducation.com Required Information Problem 6-1A Perpetual: Alter... | Chegg.com Assignment 6: Chapter 6 Week 5 Problems Saved Help Required Information Pr... | Chegg.com Assignment 6: Chapter 6 i Saved Help Save & Exit Submit Check my work 6 ! Required information Goods Purchased Cost of Goods Sold Inventory Balance Part 3 of 4 Date # of Cost per # of units unit sold Cost per Cost of Goods Sold unit # of units Cost per Inventory units unit Balance March 1 130 @ $ 51.60 = $ 6,708.00 20 March 5 240 @ $ 56.60 130 @ $ 51.60 = $ 6,708.00 points 240 @ $ 56.60 = 13,584.00 $ 20,292.00 March 9 @ $ 51.60 = $ 0.00 @ $ 51.60 = eBook @ $ 56.60 0.00 @ $ 56.60 = Print March 18 References March 25 March 29 Totals $ 0.00 Mc Graw Hill Education G newconnect.mheducation.com Required Information Problem 6-1A Perpetual: Alter... | Chegg.com Assignment 6: Chapter 6 Week 5 Problems Saved Help Required Information Pr... | Chegg.com Assignment 6: Chapter 6 i Saved Help Save & Exit Submit Check my work 6 Darnatal CTENIDarnatual I Troll ..-3..--- I1 Charific TA ! Required information Part 3 of 4 Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Date # of Cost per # of units units Cost per unit sold Cost of Goods Sold # of units Cost per unit unit Inventory Balance 20 points March 130 @ $ 6,708.00 March 5 Average eBook March 9 March 18 Print Average March 25 References March 29 Totals $ 0.00 Mc Graw Hill Education G newconnect.mheducation.com Required Information Problem 6-1A Perpetual: Alter... | Chegg.com Assignment 6: Chapter 6 Week 5 Problems Saved Help Required Information Pr... | Chegg.com Assignment 6: Chapter 6 i Saved Help Save & Exit Submit Check my work 6 n beginning inventory Required information purchase. Specific Identification: Part 3 of 4 Goods Purchased Cost of Goods Sold Inventory Balance Date # of Cost per # of units Cost per Cost of Goods units unit sold unit Sold # of units Cost per unit Inventory Balance 20 March 1 130 @ $51.60 = $ 6,708.00 points March 5 eBook March 9 Print March 18 References March 25 March 29 Totals $ 0.00 Mc Graw Hill Education G a newconnect.mheducation.com Required Information Problem 6-1A Perpetual: Alter... | Chegg.com Assignment 6: Chapter 6 Assignment 6: Chapter 6 i Saved Help Save & Exit Submit Check my work Required information Part 4 of 4 [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 4 for March. points Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 130 units @ $51.60 per unit Mar. Purchase 240 units @ $56.60 per unit Mar. 9 Sales 290 units @ $86.60 per unit Mar. 18 Purchase 100 units @ $61.60 per unit eBook Mar. 25 Purchase 180 units @ $63.60 per unit Mar. 29 Sales 160 units @ $96.60 per unit Totals 650 units 450 units Print References 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 210 units from the March 5 purchase; the March 29 sale consisted of 60 units from the March 18 purchase and 100 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) Gross Margin FIFO LIFO Avg. Cost Spec. ID Sale Less: Cost of goods sold Gross profit Mc Graw Hill EducationG a newconnect.mheducation.com Required Information Problem 6-1A Perpetual: Alter... | Chegg.com Assignment 6: Chapter 6 Assignment 6: Chapter 6 i Saved Help Save & Exit Submit Check my work 8 A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit 5 Item Units Cost Market points Car audio equipment Speakers 339 $ 94 $102 Stereos 254 115 104 Amplifiers 320 90 99 Subwoofers 198 56 45 Security equipment eBook Alarms 474 154 129 Locks 285 97 88 Cameras 206 314 326 Binocular equipment Print Tripods 179 74 8 8 Stabilizers 164 101 109 References Required: 1. Calculate the lower of cost or market for the inventory applied separately to each item. 2. If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the lower of cost or market for the inventory applied separately to each item. Per Unit Total LCM applied to: Units Cost Market Cost Market Individual Item Items Car audio equipment Speakers 339 $ 94 $ 102 Staranc 254 115 104 Mc Graw EducationG a newconnect.mheducation.com Required Information Problem 6-1A Perpetual: Alter... | Chegg.com Assignment 6: Chapter 6 Assignment 6: Chapter 6 i Saved Help Save & Exit Submit Check my work 8 Complete this question by entering your answers in the tabs below. 5 points Required 1 Required 2 Calculate the lower of cost or market for the inventory applied separately to each item. Per Unit Total LCM applied to: eBook Item Units Cost Market Cost Market Individual Items Car audio equipment Print Speakers 339 $ 94 $ 102 Stereos 254 115 104 Amplifiers 320 90 99 References Subwoofers 198 56 45 Security equipment Alarms 474 154 129 Locks 28 97 88 Cameras 206 314 326 Binocular equipment Tripods 179 74 88 Stabilizers 164 101 109 Total Required 1 Required 2 > Mc Graw Hill Education newconnectmheducationcom Assignment 5: Chapter 6 Assignment 6: Chapter 6 0 Saved Help Save 5. Exit Submit 8 Complete this question by entering your answers In the tabs below. 5 Required 1 Required 2 poi ms If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. View transaction list m n: o o )r 15 Pm\" ' Journal entry worksheet [ii i References ' } Record LCM adjustment. 1 Note: Enter debits before credits. Dec 31 m M: Grew ( Prev 8 of 9 Next > HIII mum" newconnectmheducation.com E l: Assignment 6: Chapter 6 Chapter6 0 Saved Help Saves. Exit Submit Assignment 6: E Navajo Company's nancial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year1 ending inventory is understated by $57,000, and Year 2 ending inventory is overstated by $27,000. 6 points For Year Ended December 31 Year 1 Year 2 Year 3 (a) Cost of goods sold 5 732,000 5 962,000 5 797,000 (b) Net income 275,000 282,000 257,000 (c) Total current assets 1,254,000 1,367,000 1,237,000 El (d) Total equity 1,394,000 1,587,000 1,252,000 eBook _ Required: B 1. For each key nancial statement gure(a), (b), (c1, and M belowprepare a table to show the adjustments necessary to correct the Film reported amounts. 2. What is the total error in combined net income for the three-year period resulting from the inventory errors? \"i R r e erences Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each key nanclal statement gure(a), (b), (c), and (d) belowprepare a table to show the adjustments necessary to correct the reported amounts. (Amounts to be deducted must be entered with a minus sign.) Reported amount Adjustments for: 12/31/Year 1 error 12/31/Year 2 error Corrected amount Reported amount Adjustments for: 12/31/Year1 error M: N ext G \"if?\" ( Prev Educatmn
