Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactionsfor March.DateMarch 1March 5March 9March 18March 25March 29TotalPerpetual FIFO Perpetual LIFOActivitiesBeginning inventoryPurchaseSalesPurchasePurchaseSalesTotalsDateMarch 1March 5March 18March 25Complete this question by entering your answers in the tabs below.3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. Forspecific identification, units sold include 135 units from beginning inventory, 265 units from the March 5 purchase, 115 units from theMarch 18 purchase, and 155 units from the March 25 purchase.WeightedAverageGoods Available for Sale# of unitsSpearic Id0Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 135 units from beginning inventory, 265units from the March 5 purchase, 115 units from the March 18 purchase, and 155 units from the March 25 purchase.Cost perunitUnits Acquired at Cost240 units @ $53.80 per unit295 units e $58.80 per unit155 units e $63.80 per unit290 units @ $65.80 per unit980 units$$Cost of GoodsAvailable forSaleSpecific Identification00000Cost of Goods Sold# of unitssold0Cost perunit$27Cost ofGoods Sold0.00 $0.000.00$Units Sold at Retail000400 units @ $88.80 per unit0270 units @ $98.80 per unit670 unitsEnding InventoryCost perunit# of unitsin endinginventory0EndingInventory$ 0.00 $0.000.000.00$00of000

Name: Warnerwoods Company uses a perpetual inventory system. It entered int
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Description: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactionsfor March.DateMarch 1March 5March 9March 18March 25March 29TotalPerpetual FIFO Perpetual LIFOActivitiesBeginning inventoryPurchaseSa

Under this method, the company uses specific inventory for the production or sale. According to the…

Business

Accounting

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 Units Acquired at Cost 240 units @ $53.80 per unit 295 units @ $58.80 per unit 155 units @ $63.80 per unit 290 units @ $65.80 per unit 980 units Units Sold at Retail 400 units @ $88.80 per unit 270 units @ $98.80 per unit 670 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 135 units from beginning inventory, 265 units from the March 5 purchase, 115 units from the March 18 purchase, and 155 units from the March 25 purchase.

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 Units Acquired at Cost 240 units @ $53.80 per unit 295 units @ $58.80 per unit 155 units @ $63.80 per unit 290 units @ $65.80 per unit 980 units Units Sold at Retail 400 units @ $88.80 per unit 270 units @ $98.80 per unit 670 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 135 units from beginning inventory, 265 units from the March 5 purchase, 115 units from the March 18 purchase, and 155 units from the March 25 purchase.

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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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 700 units @ $50 per unit February 10 Purchase 300 units @ $46 per unit March 13 Purchase 100 units @ $40 per unit March 15 Sales 780 units @ $70 per unit August 21 Purchase 110 units @ $55 per unit September 5 Purchase 570 units @ $52 per unit September 10 Sales 680 units @ $70 per unit Totals 1,780 units 1,460 units Required:1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (For specific identification, units sold consist of 700 units from beginning inventory, 200 from the February…
Thraya Industries had the following transactions in the month of March. Thraya uses a perpetual inventory system to account for its inventory transactions. All sales and purchases are on account. Date Units Unit Cost Unit Sales Price Mar. 1 Beginning inventory 2,000 litres $6.15/l Mar. 3 Purchase 2,500 litres $6.21/l Mar. 5 Sale 2,300 litres $10.50/l Mar. 10 Purchase 4,000 litres $6.72/l Mar. 20 Purchase 2,500 litres $6.94/l Mar. 30 Sale 5,200 litres $12.50/l Calculate the cost of goods sold, ending inventory, and gross profit for March using the weighted average (WA) method. Round the per-unit cost to two decimal places. Prepare journal entries to record the purchases and sales from parts B and C. Assume all purchases and sales are made on account. Answer the following questions for management. Which inventory method (FIFO or WA) produces the more meaningful inventory amount for…
ABC Company employs a periodic inventory system and sells its inventory to customers for $20 per unit. ABC Company had the following inventory information available for May: May 1 May 3 May 8 May 13 May 18 May 20 May 24 May 30 Beginning inventory 1,900 units @ $10.20 cost per unit Purchased 2,100 units @ $11.60 cost per unit Sold 1,400 units Purchased 3,700 units @ $8.10 cost per unit Sold 2,600 units Purchase 4,100 units @ $14.70 cost per unit Sold 2,900 units Purchased 2,200 units @ $12.60 cost per unit During May, ABC Company reported operating expenses of $14,000 and had an income tax rate of 36%. Calculate the amount of net income shown on ABC Company's income statement for May using the LIFO method.
Required information Skip to question [The following information applies to the questions displayed below.] Collier Co. uses a perpetual inventory system. It entered into the following purchases and sales transactions for April. Date Activities Units Acquired at Cost Units Sold at Retail April 1 Beginning inventory 100 units @ $51.00 per unit April 4 Purchase 225 units @ $56.00 per unit April 8 Sales 260 units @ $86.00 per unit April 17 Purchase 85 units @ $61.00 per unit April 24 Purchase 150 units @ $63.00 per unit April 28 Sales 130 units @ $96.00 per unit Totals 560 units 390 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, and (c) weighted average.
Required information Skip to question [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 Retail March 1 Beginning inventory 210 units @ $53.20 per unit March 5 Purchase 280 units @ $58.20 per unit March 9 Sales 370 units @ $88.20 per unit March 18 Purchase 140 units @ $63.20 per unit March 25 Purchase 260 units @ $65.20 per unit March 29 Sales 240 units @ $98.20 per unit Totals 890 units 610 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 120 units from beginning inventory, 250 units from the March 5 purchase, 100 units from the March 18 purchase, and 140 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.
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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. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 100 units @ $51.00 per unit 225 units @ $56.00 per unit 85 units. @ $61.00 per unit 150 units @ $63.00 per unit. 560 units Units Sold at Retail 260 units @ $86.00 per unit 130 units @ $96.00 per unit 390 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 65 units from beginning inventory, 195 units from the March 5 purchase, 45 units from the March 18 purchase, and 85 units from the March 25 purchase.
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 Activities Units Acquired at Cost Units Sold at Retail March 1 March 5 Beginning inventory Purchase 250 units @ $54.00 per unit 300 units March 9 Sales March 18 Purchase March 25 Purchase 160 units 300 units @ $59.00 per unit $64.00 per unit 410 units @ $89.00 per unit @ $66.00 per unit March 29 Sales Totals 280 units $99.00 per unit 1,010 units 690 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 140 units from beginning inventory, 270 units from the March 5 purchase, 120 units from the March 18 purchase, and 160 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Gross Margin FIFO LIFO…