Johnson Company uses a perpetual inventory system. The January 2018 inventory information is as follows. Assume cash purchases and sales. DATA Date Jan 1 Description Inventory on hand Units Per Unit 1,000 $ 4 Jan 3 Purchase 3,000 $ 5 Jan 6 Sale 2,750 $ 10 Jan 15 Purchase 5,000 $ 6 Jan 22 Sale 4,500 $ 10 Journalize Johnson Company's inventory transactions using the FIFO method. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions or Enteranswers 1 tabs or if type the numbers in, you will be marked wrong.) FIFO method: Date January 03 Account/Explanation Debit Credit you | to record purchase of 3,000 units of inventory at $5 per unit. 06 to record sale of 2,750 units at $10 per unit. to record FIFO cost of 2,750 units of inventory sold. 15 22 | to record purchase of 5,000 units at $6. |to record sale of 4,500 units of inventory at $10 each. 22 to record FIFO cost of 4,500 units of inventory sold.

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost 80 units @ $50.60 per unit 215 units @ $55.60 per unit Units Sold at Retail March 1 March 5 March 9 March 18 Beginning inventory Purchase Sales Purchase 240 units @ s85.60 per unit 75 units @ $60.60 per unit 130 units @ $62.60 per unit March 25 Purchase March 29 Sales 110 units @ $95.60 per unit Totals 500 units 350 units ok Problem 5-1A (Algo) Part 4 it 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 55 units from beginning inventory, 185 units from the March 5 purchase, 35 units from the March 18 purchase, and 75 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) nces Weighted Average Gross Margin FIFO LIFO Specific ID Sales Less: Cost of goods sold Gross…

Co.'s purchases and sales of a particular product during the year are shown below: Jan. 1 Beginning Inventory Jan. 18 Purchase 1,500 units @ $ 10 1,250 units @ $ 12 1,500 units @ $ 20 1,750 units @ $ 14 1,750 units @ $ 25 500 units @ $ 15 Jan 20 Sold Jan. 25 Purchase Jan. 27 Sold Jan. 29 Purchase Assuming that company uses perpetual inventory system, determine the cost of goods sold and compute the ending inventory as of Jan. 31 and make the journal entry for Jan. 27 transaction inventory subsidiary ledger for LIF0 cost flow assumption. by using DATE IN OUT BALANCE Quantity Price Total Quantity Price Total Quantity Price Total Jan 1 Jan 18 Jan 20 Jan 25 Jan 27 Jan 29

William & Company uses a perpetual inventory system. The following information is available for November: Nov. 1 4 7 10 Balance Purchase Purchase Sale 12 Sale Units 20 40 40 (20) (50) Purchase Price $5.00 $5.50 $9.00 Assume all sales and purchases are on credit. Sales Price $8.00 $8.00