Required informationThe following information applies to the questions displayed below]Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactionsfor March.DateMarch 1March 5Harch 9.March 18March 25March 29TotalPerpetualFIFOActivitiesBeginning inventoryPurchaseSalesPurchasePurchaseSalesTotalsDateMarch 1March 5March 18March 25Complete this question by entering your answers in the tabs below.PerpetualLIFO3. Compute the cost assigned to ending inventory using (a) FIFO. (b) LIFO. (c) weighted average, and (d) specific identification. Forspecific identification, units sold include 80 units from beginning inventory. 340 units from the March 5 purchase. 40 units from theMarch 18 purchase, and 120 units from the March 25 purchase.WeightedAverageGoods Available for Sale# of units400120200720Specific IdCompute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 80 units from beginninginventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase.Specific IdentificationCost perunitUnits100 units400 units55.0060,0062.00120 units200 units820 units$Cost of GoodsAvailable forSale$Acquired at Cost@ 150 per unit@ $55 per unit@ $60 per unit@ $62 per unit022,0007,20012,40041,600Cost of Goods Sold# of units Cost persoldunit0 $415900420 units @ $85 per unit415160 units @ $95 per unit560 unitsUnits Sold at RetailCost ofGoods Sold0.00 $55.0060.00022,8250$ 22,825Ending InventoryCost perunit# of unitsin endinginventory100 $12080300EndingInventory0.00 $55.0060.0062.00007,2004,960$12,160

Specific identification method is an inventory valuation method that keeps track of specific items…

Beginning inventory Purchase Sales Purchase Purchase Sales Totals 100 units @ $50 per unit 400 units @ $55 per unit 120 units 200 units 820 units @ $60 per unit @ $62 per unit 420 units @ 185 per unit 160 units @ $95 per unit 560 units

Beginning inventory Purchase Sales Purchase Purchase Sales Totals 100 units @ $50 per unit 400 units @ $55 per unit 120 units 200 units 820 units @ $60 per unit @ $62 per unit 420 units @ 185 per unit 160 units @ $95 per unit 560 units

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

muabhai
Date Activities Units Acquired at Cost Units Sold at Retail April 1 Beginning inventory 175 units @ $15 = $2,625 April 4 Purchase 150 units @ $16 = $2,400 April 7 Sales 160 units @ $30 April 10 Purchase 200 units @ $17 = $3,400 April 16 Sales 250 units @ $30 April 25 Purchase 160 units @ $18 = $2,880 April 28 Sales 150 units @ $32 A. Determine the cost assigned to ending inventory and cost of goods sold using FIFO. B. Determine the cost assigned to ending inventory and cost of goods sold using LIFO
vmp
None
Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 40 units @ $2 = $ 80 January 3 Sales 30 units @ $8 February 14 Purchase 70 units @ $3 = $ 210 February 15 Sales 60 units @ $8 June 30 Purchase 90 units @ $4 = $ 360 November 6 Sales 86 units @ $8 November 19 Purchase 20 units @ $5 = $ 100 Totals 220 units $ 750 176 units record a journal entry worksheet
Activities Beginning inventory Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 Units Acquired at Cost Units Sold at Retail 150 units @ $2 = $ 300 January 31 Sales 106 units @ $ 8 February 14 February 15 Purchase Sales 228 units June 30 November 6 November 19 Purchase Sales Purchase Totals 200 units 64 units 642 units @ $3 = $ 684 @ $4 = $ 800 170 units @ $ 8 152 units @ $ 8 @ $5 = $320 $ 428 units 2,104 The company uses a periodic inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method. tes Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Periodic Inventory System Ending Inventory Cost of Goods Sold FIFO
Date Activities Units Acquired at Cost 10 units @ $25 = $250 15 units @ $28 = $420 Units Sold August 2 August 18 August 29 August 31 Purchase Purchase Sales 20 unit Purchase 14 units @ $29 = $406 What is the per unit value of ending inventory on August 31? Answers should be rounded to the nearest cent. Multiple Choice $28.42 $26.80 $29.00 $25.00 O $30.35
Question 7 ZZ Company employs a periodic inventory system and sells its inventory to customers for $39 per unit. ZZ Company had the following inventory information available for June: June 1 Beginning inventory 1,100 units @ $22.10 cost per unit June 6 Purchased 3,400 units @ $16.40 cost per unit June 11 Sold 3,000 units June 15 June 19 June 23 Purchased 1,300 units @ $33.60 cost per unit Sold 1,200 units Purchase 3,700 units @ $20.70 cost per unit Sold 3,600 units June 26 June 28 Purchased 2,500 units @ $28.20 cost per unit During June, ZZ Company reported operating expenses of $18,000 and had an income tax rate of 36%. Calculate the amount of net income shown on ZZ Company's income statement for June using the FIFO method.
Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 580 units @ $40 per unit February 10 Purchase 420 units @ $38 per unit March 13 Purchase 180 units @ $25 per unit March 15 Sales 755 units @ $70 per unit August 21 Purchase 190 units @ $45 per unit September 5 Purchase 560 units @ $41 per unit September 10 Sales 750 units @ $70 per unit Totals 1,930 units 1,505 units
FIFO inventory assumptions: Beginning inventory of 10 units @ $5 = $50 Purchases month #1 of 10 units @ $10 = $100 Purchases month #2 of 10 units @ $15 = $150 Cost of goods available for sale (subtotal) = $300 Less ending inventory of 10 units Equals cost of goods sold (also known as cost of sales) Under the FIFO inventory method, calculate the cost of goods sold or cost of sales. Using your computation of FIFO cost of goods sold, and further assuming sales equal $500 and operating expenses equal $50, what is the gross profit amount?