Ch 9 Problem Set A Problem 9-1 Part A • Eitzgibbons Company uses the perpetual inventory method. . Fitzgibbons began the month of March with 100 units of inventory, at a unit cost of $55. On March 5, Eitzgibbons purchased 60 units at $60 gach On March 12, they sold 60 units On March 18, Eitzgibbons purchased 200 units at $65 each. On March 25, Eitzgibbons sold 210 units. On March 29, Eitzgibbons purchased 40 units at $75 each. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, as shown in Video #2. . . . ● . . Date Units Beginning Balance +Purchases Goods Available for Sale - Sold Cost per Unit Inventory Total Cost Date Units Units Cost Total Cost Ending Balance 2. Use the FIFO cost assumption to calculate the cost of goods sold for each sale, the total cost of goods sold for the month, and ending inventory. 3. Use the LIFO cost assumption to calculate the cost of goods sold for each sale, the total cost of goods sold for the month, and ending inventory.

Ch 9 Problem Set A Problem 9-1 Part A • Eitzgibbons Company uses the perpetual inventory method. . Fitzgibbons began the month of March with 100 units of inventory, at a unit cost of $55. On March 5, Eitzgibbons purchased 60 units at $60 gach On March 12, they sold 60 units On March 18, Eitzgibbons purchased 200 units at $65 each. On March 25, Eitzgibbons sold 210 units. On March 29, Eitzgibbons purchased 40 units at $75 each. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, as shown in Video #2. . . . ● . . Date Units Beginning Balance +Purchases Goods Available for Sale - Sold Cost per Unit Inventory Total Cost Date Units Units Cost Total Cost Ending Balance 2. Use the FIFO cost assumption to calculate the cost of goods sold for each sale, the total cost of goods sold for the month, and ending inventory. 3. Use the LIFO cost assumption to calculate the cost of goods sold for each sale, the total cost of goods sold for the month, and ending inventory.

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Description: Please do not give solution in image format thanku Ch 9 Problem Set AProblem 9-1 Part A•Fitzgibbons Company, uses the perpetual inventory method.• Fitzgibbons began the month of March with 100 units of inventory, at a unit cost of $55..On March 5, Ei

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

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

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

Chapter6: Inventories

Section: Chapter Questions

Problem 6.7EX: FIFO and UFO costs under perpetual inventory system The following units of an item were available...

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Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 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 Mar. 1 Beginning inventory 100 units @ $51.00 per unit Mar. 5 Purchase 225 units @ $56.00 per unit Mar. 9 Sales 260 units @ $86.00 per unit Mar. 18 Purchase 85 units @ $61.00 per unit Mar. 25 Purchase 150 units @ $63.00 per unit Mar. 29 Sales 130 units @ $96.00 per unit Totals 560 units 390 units
Problem 6-1A Perpetual: Alternative cost flows LO P1 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 Mar. 1 Beginning inventory 190 units @ $52.80 per unit Mar. 5 Purchase 270 units @ $57.80 per unit Mar. 9 Sales 350 units @ $87.80 per unit Mar. 18 Purchase 130 units @ $62.80 per unit Mar. 25 Purchase 240 units @ $64.80 per unit Mar. 29 Sales 220 units @ $97.80 per unit Totals 830 units 570 units Problem 6-1A Part 4 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 110 units from beginning inventory and 240 units from the March 5…
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