Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March.
tion.com/ext/map/index.html?_con=con&external_browser=0&launchUn=https%253A%252F%252Fwestgatech.blackboard.com%252Fwebapps ck my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate com Required information Problem 6-2AA Periodic: Alternative cost flows LO P3 The following information applies to the questions displayed below) Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at Cost 200 units @ $90 per unit 500 units @ $95 per unit 320 units @ $100 per unit 400 units @ $102 per unit 520 units@ $125 per unit 360 units@ $135 per unit 880 units 1,420 units For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 450 units from the March 5 purchase: the March 29 sale consisted of 140 units from the March 18 purchase and 220 units from the March 25 purchase Answer is complete but not entirely correct. a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory #of units Cost per # of units sold Cost per Cost of Goods unit Available for Sale $ 90.00 $ 18,000 Cost per Cost of Goods Sold unit # of units in ending inventory unit Ending Inventory 200 200 S 90.00 $18,000 0$ 0.00 S 0 Beginning inventory Purchases: March 5 March 18 March 25 Total 17.100 500$ 95.00 320 $ 100.00 400 $ 10200 1,420 47,500 32,000 40.800 $ 138,300 320 $ $ 9500 320 $ 100.00 40 X $ 102.00 880 30.400 32,000 4,080 $84.480 180 X $ 95.00 0 XS 0.00 360 X $ 102.00 540 36,720 $ 53,820 b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost per Cost of Goods Available for Sale Cost of # of Goods units unit Available for Sale 200 $ 90.00 $ 18,000 #of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning inventory 20 $ $ 90.00 S 1800 180 X $ 90.00 $ 16,200 di U JUV RUVUVI Jivvu 1 LV EN IV.UU JUU VEN U. Required information Periodic LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of Goods units unit Available for Sale 200 $ 90.00 $ 18,000 Cost per # of units sold Cost per Cost of Goods Sold Cost per unit # of units in ending inventory unit Ending Inventory 20 X $ 90.00 $ 1,800 180 X $ 90.00 $ 16,200 eginning inventory archases March 5 March 18 March 25 tal 47,500 0 500 320 400 1,420 $ 95.00 $ 100.00 $ 102.00 47.500 32,000 40.800 $ 138,300 500 X $ 95.00 0 X 360 X $ 102.00 880 0 320 % 40 X 540 36.720 $86,020 100.00 102.00 32,000 4,080 $ 52.280 Average Cost Cost of Goods Sold Cost of Goods Available for Sale Cost of #of Average Goods units Available unit for Sale 200 $ 18,000 Cost per # of units Average Cost per Unit Cost of Goods Sold Ending Inventory # of units Average in ending Ending Cost per Inventory inventory unit sold ginning inventory rchases March 5 500 47.500 Average Cost Cost of Goods Sold Ending Inventory #of Cost of Goods Available for Sale Cost of Average Goods units Available unit for Sale 200 $ 18,000 Average Cost per # of units sold Cost per Cost of Goods Sold # of units in ending inventory Average Cost per unit Ending Inventory Unit eginning inventory urchases March 5 March 18 March 25 500 320 400 1,420 47,500 32.000 40.800 S 138,300 otal $ 97.39 880 $ 10425 $91,740 540 $ 104.25 X S 56 295 3) Specific dentification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of Cost per Cost per units # of units sold unit Cost of Goods Available for Sale S 18.000 Cost per Cost of Goods Sold unit # of units in ending Inventory unit Ending Inventory 200 IS 90.00 Beginning inventory Purchases 70S 90.00 S 6.300 130 S 90.00 S 11.700 For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 450 units from the March 5 purchase, the March 29 sale consisted of 140 units from the March 18 purchase and 220 units from the March 25 purchase. Problem 6-2AA Part 4 4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar.) FIFO LIFO Weighted Average Specific Identification Sales Less Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0
