Required Information[The following information applies to the questions dlisplayed below.]Warnerwoods Company uses a perpetual inventory system. It entered into the following purchoses and seles transectionsfor March.Units Acquired at Cost188 units e $67.00 per unit488 units e $72.00 per unitDateActivitiesUnits Sold at RetailMar. 1 Beginning inventoryMar. 5 PurchaseMar. 9 SalesMar. 18 Purchase420 units $102.00 per unit120 units e $77.08 per unit200 units e $79.00 per unitMar. 25 PurchaseMar. 29 Sales168 units e $112.00 per unitTotals820 units580 units3. Compute the cost essigned to ending inventory using (a) FIFO, (b) LIFO. (c) weighted average, and (d) specific identification. Forspecific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchese; theMarch 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.Complete this question by entering your answers in the tabs below.Perpetual FIFO Perpetual LIFOWeightedAverageSpecific IdCompute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.)Welghted Average Perpetual:Goode PurchasedCost of Goods soldInventory Balance# of unite# ofuniteCoatCostper unitCoetper unit Inventory BalanceDateCost of Goode Sold# of unitsper unitsoldMarch 1100 e$67.00 =6,700.00S72.00100 e400 @500 eS67.00 =S72.00 =March 540a6,700.0028,800.00Average$ 35,500.00March 9420 a$71.00S 29,620.0080 e$71.00=5,680.00S77.0080 e120 @200 eMarch 18120 @$71.00 =5,680.00$77.00 =9,240.00Average$74.60 =14,920.00200 e200 e400 eMarch 25200 aS79.00$74.60$ 14,920.00$79.00 =15,800.00$76.80-$ 30,720.00March 29160 @S76.80$ 12,288.00240 e$76.80 =$ 18,432.00Totals$ 42,108.00( Perpetual LIFOSpecific id>

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required Information [The following information applies to the questions dlisplayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchoses and seles transections for March. Date Activities LUnits Acquired at Cost 180 units @ $67.88 per unit 480 units e $72.08 per unit Linits Sold at Retail 1 Beginning inventory 5 Purchase 9 Sales Mar. Mar. Mar. 428 units e $182.00 per unit 120 units $77.00 per unit 208 units e $79.00 per unit Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 168 units e $112.00 per unit Totals 820 units 588 units 3. Compute the cost assigned to ending inventory using (0) FIFO, (b) LIFOo. (c) weighted overage, and (d) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchese and 120 units from the March 25 purchase. Complete this question by entering your…
www. Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: MARTINE HET AAMY Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Ending inventory Cost of goods sold FIFO Units LIFO 1,910 6,150 4,020 2,860 Unit Cost $6 Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost-inventory costing methods. (Round "Average cost per unit" to 4 decimal places and final answers to nearest whole dollar amount.) Average Cost 5 3 P K
Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 151 July 30 October 5 October 26 Activities beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Units Acquired at Cost $11.40- 235 units 360 units 435 units 135 units 1,165 units $16.40- $21.40- $26.40- $ 2,679 5,904 9,309 3,564 $ 21,456 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Units Sold at Retail 170 units 290 units 410 units 870 units $41.40 $41.40 @$41.40
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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. Units Acquired at Cost 100 units@ $56.00 per unit 400 units@ $61.00 per unit Date Activities Units Sold at Retail 1 Beginning inventory 5 Purchase 9 Sales Mar. Mar. Mar. 420 units @ $91.00 per unit 120 units @ $66.00 per unit 200 units @ $68.00 per unit Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 160 units @ $101.00 per unit Totals 820 units 580 units 2. Compute the number of units in ending inventory. Ending inventory units
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 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Perpetual FIFO |Perpetual LIFO Units Acquired at Cost 60 units @ $50.20 per unit 205 units @ $55.20 per unit Weighted Average 65 units 110 units Specific Id 440 units Complete this question by entering your answers in the tabs below. @ $60.20 per unit @ $62.20 per unit 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 45 units from beginning inventory, 175 units from the March 5 purchase, 25 units from the March 18 purchase, and 65 units from the March 25 purchase. Units Sold at Retail 220 units @ $85.20 per unit…
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! 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. Total Date March 1 March 5 March 9 March 18 March 25 March 29 Beginning inventory Purchases: March 5 March 18 March 25 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 220 units @ $53.40 per unit 285 units @ $58.40 per unit Required: 1. Compute cost of goods available for sale and the number of units available for sale. 145 units @ $63.40 per unit 270 units @ $65.40 per unit # of units 920 units Cost of Goods Available for Sale Cost per Cost of Goods Available Unit for Sale Units Sold at Retail 380 units @ $88.40 per unit 250 units @ $98.40 per unit 630 units
S ! 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 March 9 March 18 March 25 March 29 Activities Complete this Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit 80 units @ $60.80 per unit 140 units @ $62.80 per unit 530 units Units Sold at Retail 250 units @ $85.80 per unit 120 units @ $95.80 per unit 370 units 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 60 units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the March 25 purchase.
Required information [The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 310 units. Ending inventory at January 31 totals 130 units. Units Unit Cost $ 2.60 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 280 60 2.80 100 2.94 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO: Cost of Goods Sold Goods purchased Inventory Balance # of units Date Cost per unit Cost per Cost of Goods unit Cost per Inventory Balance # of units # of units Sold unit sold January 1 January 9 Total January 9 Ianuani 2E

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