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

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 36E: The following data were extracted from the accounting records of Harkins Company for the year ended...

See similar textbooks

Similar questions

Sales and purchase-related transactions using perpetual inventory system The following were selected from among the transactions completed by Babcock Company during November of the current year: Instructions Journalize the transactions.
Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31.
Sales and purchase-related transactions using perpetual inventory system The following were selected from among the transactions completed by Essex Company during July of the current year: Instructions Journalize the transactions.
Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on April 27 and (b) the inventory on April 30.
Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500
The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2019: a. Prepare the cost of merchandise sold section of the income statement for the year ended April 30, 2019, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 2019. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
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 Total Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Date March 1 March 5 March 18 March 25 Complete 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. For specific Identification, units sold include 130 units from beginning Inventory, 260 units from the March 5 purchase, 110 units from the March 18 purchase, and 150 units from the March 25 purchase. Weighted Average # of units Goods Available for Sale Perpetual FIFO Perpetual LIFO Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold…
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 Perpetual FIFO Perpetual LIFO Date March 1 March 5 Average March 5 March 9 Activities Beginning inventory Purchase Sales Complete this question by entering your answers in the tabs below. March 18 Purchase Purchase Sales Totals Average March 18 HTT 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 105 units from beginning inventory, 235 units from the March 5 purchase. 85 units from the March 18 purchase, and 125 units from the March 25 purchase. March 25 Average March 25 March 29 Totals Compute the cost assigned to ending inventory using weighted average. Note: Round your average cost per…
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 Total Perpetual FIFO Perpetual LIFO Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Date March 1 March 5 March 18 March 25 Complete 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. 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. Weighted Average Goods Available for Sale # of units Spearic Id 0 Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 135 units from beginning inventory, 265 units from the March 5 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 Perpetual FIFO Perpetual LIFO Date March 1 Complete this question by entering your answers in the tabs below. March 5 Average March 5 March 9 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. March 18 Beginning inventory Purchase Sales Purchase Purchase Sales Totals. Average March 18 Activities Compute the cost assigned to ending inventory using weighted average. Note: Round your average cost per unit to 2 decimal places. March 25 Average March 25 March 29 Totals Weighted Average # of units Goods Purchased Units Acquired at Cost…
Please do not give image format
Required information [The following information applies to the questions displayed below.] Total Date March 1 March 5 March 9 March 18 March 25 March 29 Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Beginning inventory Purchases: March 5 March 18 March 25 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Saved Required: 1. Compute cost of goods available for sale and the number of units available for sale. # of units Cost per Unit Units Acquired at Cost 100 units @ $51.00 per unit 225 units @ $56.00 per unit 130 units @ $96.00 per unit 390 units Subn