ers 4-5 iSavedHelpSave & ExitSubmit[The following information applies to the questions displayed below.]Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and salestransactions for March.DateActivitiesUnits Acquired at Cost110 units@ $51.20 per unit230 units@ $56.20 per unitTonitSold at RetailMar. 1 Beginning inventoryMar. 5 PurchaseMar. 9 SalesMar. 18 Purchase270 units@ $86.20 per unit90 units@ $61.20 per unit160 units@ $63.20 per unitMar. 25 PurchaseMar. 29 Sales140 units@ $96.20 per unitTotals590 units410 units4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9sale consisted of 70 units from beginning inventory and 200 units from the March 5 purchase; the March 29 sale consisted of50 units from the March 18 purchase and 90 units from the March 25 purchase. (Round weighted average cost per unit to twodecimals and final answers to nearest whole dollar.)Gross MarginFIFOLIFOAvg. CostSpec. IDSalesLess: Cost of goods soldGross profitNextPrey20of 20111

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Description: ers 4-5 iSavedHelpSave & ExitSubmit[The following information applies to the questions displayed below.]Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and salestransactions for March.DateActivitiesUnit

The FIFO method stands for First in first out, where older inventory is sold first. The LIFO method…

Business

Accounting

4-5 Saved Help Save & Exit Submit [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the folowing purchases and sales transactions for March. Activities Sold at Retail Units Acquired at Cost 110 units@ $51.20 per unit 230 units@ $56.20 per unit Date Mar. 1 Beginning inventory 5 Purchase 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Mar. Mar. 270nits@ $86.20 per unit 90 units@ $61.20 per unit 160 units@ $63.20 per unit 140 units@ $96.20 per unit 590 units 410 units Totals

4-5 Saved Help Save & Exit Submit [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the folowing purchases and sales transactions for March. Activities Sold at Retail Units Acquired at Cost 110 units@ $51.20 per unit 230 units@ $56.20 per unit Date Mar. 1 Beginning inventory 5 Purchase 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Mar. Mar. 270nits@ $86.20 per unit 90 units@ $61.20 per unit 160 units@ $63.20 per unit 140 units@ $96.20 per unit 590 units 410 units Totals

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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[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 Problem 5-1A (Static) Part 2 Ending inventory units Units Acquired at Cost @ $50 per unit @ $55 per unit 100 units 400 units 2. Compute the number of units in ending inventory. 120 units 200 units 820 units FO F9
! Connect Required information [The following information applies to the questions displayed below.] Date January 1 January 10 January 20 January 25 January 30 ezto.mheducation.com Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Activities Beginning inventory Sales Purchase Sales Purchase Totals Assume the perpetual inventory system is used. Required: Specific Weighted Identification Average Complete this question by entering your answers in the tabs below. Units Acquired at Cost 200 units @ $ 12.50 = 130 units @ $ 11.50 = $ 11.00 = 300 units @ 630 units FIFO LIFO $ 2,500 1,495 3,300 $ 7,295 Units sold at Retail 160 units @ @ 140 units 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2.…
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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 @ $50 per unit 400 units @ $55 per unit Activities Units Sold at Retail Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 1 Beginning inventory 5 Purchase 9 Sales 420 units @ $85 per unit 120 units @ $60 per unit 200 units @ $62 per unit 160 units @ $95 per unit Totals 820 units 580 units 4. Compute gross profit earned by the company for each of the four costing methods. 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 purchase and 120 units from the March 25 purchase. (Round weighted average cost per unit to 2 decimal places.) Gross Margin FIFO LIFO Avg. Cost Spec. ID Sales…
Homework i s Date January 1 January 10 March 14 March 15 July 30 October 5 October 26. Date 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. Units Acquired at Cost @$13.20 = @$18.20 = @$23.20 = @$28.20 Activities Beginning inventory Sales Purchase Sales Purchase. Sales Purchase. Totals a) Cost of Goods Sold using Specific Identification Available for Sale Activity Saved # of units 8,372 11,136 5,076 $28,280 Cost of Goods Sold Cost Per Unit Hemming uses a periodic inventory system. Ending inventory consists of 40 units from the March 14 purchase, 80 units from the July 30 purchase, and all 180 units from the October 26 purchase. Using the specific identification method, calculate the following. Help COGS Save & Exit Subre Units Sold at Retail 240 units 410 units 450 units 1,100 units Check my work Ending Inventory Units @ $43.20 @$43.20 @$43.20 Ending…
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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 100 units @ $50 per unit 400 units@ $55 per unit Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities 1 Beginning inventory 5 Purchase 9 Sales 420 units @ $85 per unit 120 units @ $60 per unit 200 units @ $62 per unit 160 units @ $95 per unit Totals 820 units 580 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, 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 purchase and 120 units from the March 25 purchase. es Complete this question by einering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to…
Calculator Beginning inventory, purchases and sales data for widgets are as follows: April 3 Inventory 15 units @ $30 11 Purchase 12 units @ $27 14 Sale 18 units 21 Purchase 7 units @ $25 25 Sale 10 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and calculates the cost of goods sold and ending inventory using FIFO. Purchases Cost ofGoods Sold Inventory Date Qty Unit Cost Total Cost Qty Unit Cost Total Cost Qty Unit Cost Total Cost April 3 $ $ 11 $ $ $ $ $ 14 $ $ $ $ $ 21 $ $ $ $ $ 25 $ $ $ $ $ Total Cost of goods sold $ Ending inventory value $
Urban Glam Cosmetics made purchases of lipstick in the current year as follows Jan. 1 Begining inventory Mar. 14 Purchased July Purchased Units available for sale 530is $15.00 Cast of goods available for sale $12,291 Urban Glam Cosmetics made sales on the following dates at a selling price of $36 per unit Jan. 30 71 units Mar 15 190 units Totals S 460 units 721 its Required The business uses a perpetual inventory system. 1. Determine the costs that should be assigned to the ending inventory and to goods sold under the following methods. (Do not round Intermediate calculations. Round your final answers to 2 decimal places.)
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7.4 Can I please get help with this question. 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 90 units @ $50.80 per unit March 5 Purchase 220 units @ $55.80 per unit March 9 Sales 250 units @ $85.80 per unit March 18 Purchase 80 units @ $60.80 per unit March 25 Purchase 140 units @ $62.80 per unit March 29 Sales 120 units @ $95.80 per unit Totals 530 units 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.