UNE 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 Retait Mar. 1 Beginning inventory 110 units @ $51.20 per unit Mar. 5 Purchase 230 units @ $56.20 per unit Mar. 9 Sales 270 units@ $86.20 per unit Mar. 18 Purchase 90 units@ $61.2e per unit Mar. 25 Purchase 160 units@ $63.20 per unit Mar. 29 Sales 140 units @ $96.20 per unit Totals 590 units 410 units Problem 6-1A Part 1 Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale # of units Cost per Cost of Goods Unit Available for Sale Beginning inventory Purchases sh Problem 6-1A Part 1 Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale Cost of Goods # of units Unit Available for Sale Cost per Beginning inventory Purchases: March 5 March 18 March 25 Total Problem 6-1A Part 2 2. Compute the number of units in ending inventory. Ending inventory units 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 # of Cost per Date # of units Cost of Goods Sold units unit unit March 1 March 5 Cost per sold Inventory Balance Cost per Inventory # of units unit Balance 110 $ 51.20 - S 5,632.00 March 9 March 18 March 18 March 25 + March 29 Totals $ 0.00 Perpetual FIFD Perpetual LIFO > Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: Goods Purchased # of Cost per units unit Date Cost of Goods Sold # of units Cost per sold Cost of Goods Sold unit Inventory Balance Cost per Inventory # of units unit Balance 110 @ $ 51 20 = $ 5,632.00 March 1 March 5 March 9 March 18 March 25 March 18 March 25 March 29 Totals $ 0.00 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 Date # of # of units Cost per Cost of Goods Sold # of units Cost per Inventory Balance units unit sold unit March 1 110 @ $51.20 = $ 5,632.00 March 5 Cost per Average March 9 March 18 Average March 25 March 29 Totals $ 0.00 SNEA 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 70 units from beginning inventory and 200 units from the March 5 purchase the March 29 sale consisted of 50 units from the March 18 purchase and 90 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) FIFO LIFO Avg. Cost Spec. 10 Gross Margin Sales Less: Cost of goods sold Gross profit 17 tv Q C Au : N % 5 6 & 7 89 0 W E R T Y U I 0 P S D F G H J L 2 2 X . BN M 9 command command option
