Warnerwoods Company uses a perpetual Inventory system. It entered into the following purchases and sales transactions...
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Warnerwoods Company uses a perpetual Inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Activities Beginning inventory Purchase Units Acquired at Cost 180 units $52.60 per unit 265 units @ $57.60 per unit Units Sold at Retail March 9 March 18 March 25 March 29 Sales Purchase Purchase Sales Totals 340 units @ $87.60 per unit 125 units @ $62.60 per unit 230 units @ $64.60 per unit 800 units 210 units $97.60 per unit 550 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (c) specific Identification. For specific identification, units sold include 105 units from beginning inventory, 235 units from the March 5 purchase, 85 units from the March 18 purchase, and 125 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Specific Id Average Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 105 units from beginning inventory, 235 units from the March 5 purchase, 85 units from the March 18 purchase, and 125 units from the March 25 purchase. Specific Identification; Goods Purchased Cost of Goods Sold Inventory Balance Date Cost per # of units unit Goods Puchased # of units sold unit Cost per Cost of Goods Sold # of units Cost per unit Inventory Balance March 1 March 5 180 at $ 52.60 = $ 9,468 at $ 52.60 = $ 0.00 at $ 52.60= S 0.00 265 at $ 57.60 = 15,264 at $ 57.60 = at $ 57.60 = March 18 125 at $ 62.60 = 7,825 at $ 62.60 == 0.00 at $ 62.60= 0.00 March 25 230 at $ 64.60 = $ 14,858 at $ 64.60 = at $ 64.60 = Totals S 0.00 0.00 Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: March 1 Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold unit Cost per Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance 180 at $ 52.60= $ 9,468.00 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 $ 0.00 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 105 units from beginning Inventory, 235 units from the March 5 purchase, 85 units from th March 18 purchase, and 125 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 weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units March 1 180 at March 5 Average March 5 March 9 March 18 Average March 18 March 25 Average March 25 March 29 Totals $ 0.00 Inventory Balance Cost per unit Inventory Balance $ 52.60 = $ 9,468.00 ! 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 March 1 March 5 Activities Beginning inventory Purchase March 9 Sales March 18 March 25 March 29 Purchase Purchase Sales Units Acquired at Cost 180 units @ $52.60 per unit 265 units @ $57.60 per unit 125 units @ $62.60 per unit 230 units @ $64.60 per unit Units Sold at Retail 340 units @ $87.60 per unit Totals 800 units 210 units @ $97.60 per unit 550 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific Identification. F specific identification, units sold include 105 units from beginning Inventory, 235 units from the March 5 purchase, 85 units from March 18 purchase, and 125 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. Goods Purchased Perpetual FIFO: Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units March 1 180 at 264 at $ 57.60 180 at 264 at March 5 Total March 5 March 9 Total March 9 Inventory Balance Cost per unit $ 52.60 = $ 52.60 = $57.60 = Inventory Balance $ 9,468.00 $ 9,468.00 15,206.40 $ 24,674.40 at $ 52.60 = $ 0.00 1 at $ 52.60 at $ 57.60 = 0.00 at $ 57.60 Warnerwoods Company uses a perpetual Inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Activities Beginning inventory Purchase Units Acquired at Cost 180 units $52.60 per unit 265 units @ $57.60 per unit Units Sold at Retail March 9 March 18 March 25 March 29 Sales Purchase Purchase Sales Totals 340 units @ $87.60 per unit 125 units @ $62.60 per unit 230 units @ $64.60 per unit 800 units 210 units $97.60 per unit 550 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (c) specific Identification. For specific identification, units sold include 105 units from beginning inventory, 235 units from the March 5 purchase, 85 units from the March 18 purchase, and 125 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Specific Id Average Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 105 units from beginning inventory, 235 units from the March 5 purchase, 85 units from the March 18 purchase, and 125 units from the March 25 purchase. Specific Identification; Goods Purchased Cost of Goods Sold Inventory Balance Date Cost per # of units unit Goods Puchased # of units sold unit Cost per Cost of Goods Sold # of units Cost per unit Inventory Balance March 1 March 5 180 at $ 52.60 = $ 9,468 at $ 52.60 = $ 0.00 at $ 52.60= S 0.00 265 at $ 57.60 = 15,264 at $ 57.60 = at $ 57.60 = March 18 125 at $ 62.60 = 7,825 at $ 62.60 == 0.00 at $ 62.60= 0.00 March 25 230 at $ 64.60 = $ 14,858 at $ 64.60 = at $ 64.60 = Totals S 0.00 0.00 Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: March 1 Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold unit Cost per Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance 180 at $ 52.60= $ 9,468.00 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 $ 0.00 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 105 units from beginning Inventory, 235 units from the March 5 purchase, 85 units from th March 18 purchase, and 125 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 weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units March 1 180 at March 5 Average March 5 March 9 March 18 Average March 18 March 25 Average March 25 March 29 Totals $ 0.00 Inventory Balance Cost per unit Inventory Balance $ 52.60 = $ 9,468.00 ! 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 March 1 March 5 Activities Beginning inventory Purchase March 9 Sales March 18 March 25 March 29 Purchase Purchase Sales Units Acquired at Cost 180 units @ $52.60 per unit 265 units @ $57.60 per unit 125 units @ $62.60 per unit 230 units @ $64.60 per unit Units Sold at Retail 340 units @ $87.60 per unit Totals 800 units 210 units @ $97.60 per unit 550 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific Identification. F specific identification, units sold include 105 units from beginning Inventory, 235 units from the March 5 purchase, 85 units from March 18 purchase, and 125 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. Goods Purchased Perpetual FIFO: Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units March 1 180 at 264 at $ 57.60 180 at 264 at March 5 Total March 5 March 9 Total March 9 Inventory Balance Cost per unit $ 52.60 = $ 52.60 = $57.60 = Inventory Balance $ 9,468.00 $ 9,468.00 15,206.40 $ 24,674.40 at $ 52.60 = $ 0.00 1 at $ 52.60 at $ 57.60 = 0.00 at $ 57.60
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Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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