**Inventory and Sales Transactions**This table summarizes inventory and sales transactions over a few months, detailing the date, type of transaction, number of units involved, the price per unit, and the total amount for each transaction. - **April 3** - **Transaction:** Inventory - **Number of Units:** 72 - **Per Unit:** $600 - **Total:** $43,200- **April 8** - **Transaction:** Purchase - **Number of Units:** 144 - **Per Unit:** $720 - **Total:** $103,680- **April 11** - **Transaction:** Sale - **Number of Units:** 96 - **Per Unit:** $2,000 - **Total:** $192,000- **April 30** - **Transaction:** Sale - **Number of Units:** 60 - **Per Unit:** $2,000 - **Total:** $120,000- **May 8** - **Transaction:** Purchase - **Number of Units:** 120 - **Per Unit:** $800 - **Total:** $96,000- **May 10** - **Transaction:** Sale - **Number of Units:** 72 - **Per Unit:** $2,000 - **Total:** $144,000- **May 19** - **Transaction:** Sale - **Number of Units:** 36 - **Per Unit:** $2,000 - **Total:** $72,000- **May 28** - **Transaction:** Purchase - **Number of Units:** 120 - **Per Unit:** $880 - **Total:** $105,600- **June 5** - **Transaction:** Sale - **Number of Units:** 72 - **Per Unit:** $2,100 - **Total:** $151,200- **June 16** - **Transaction:** Sale - **Number of Units:** 96 - **Per Unit:** $2,100 - **Total:** $201,600- **June 21** - **Transaction:** Purchase - **Number of Units:** 216 **FIFO Method Table: For the Three Months Ended June 30**This table illustrates the First-In, First-Out (FIFO) accounting method for inventory management. It is divided into three primary sections: Purchases, Cost of Merchandise Sold, and Inventory. The table provides detailed data for the period ending June 30, with specific dates noting purchases and stock management. Here's the breakdown:### Purchases- **April 3:** - Quantity: 144 - Unit Cost: $720 - Total Cost: $103,680- **April 8:** - Transaction data echoes April 3- **April 11:** - No data- **April 30:** - No data- **May 8:** - Quantity: 120 - Unit Cost: $800 - Total Cost: $96,000- **May 10:** - No data- **May 19:** - No data- **May 28:** - Quantity: 120 - Unit Cost: $880 - Total Cost: $105,600- **June 5:** - No data- **June 16:** - No data- **June 21:** - Quantity: 216 - Unit Cost: $960 - Total Cost: $207,360- **June 28:** - No data### Cost of Merchandise Sold- **April 11:** - Quantity: 72 - Unit Cost: $600 - Total Cost: $43,200- **May 8:** - No data- **May 10:** - No data- **May 19:** - Quantity: 36- **May 28:** - No correct data- **June 16:** - Quantity: 72- **June 21:** - No data- **June 28:** - No data### Inventory- **April 30:** - Quantity: 72- **May 8:** - Quantity: 60 - Quantity: 120- **June 5:** - No data- **May 28:** - No data-

Name: **Inventory and Sales Transactions**This table summarizes inventory a
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Description: **Inventory and Sales Transactions**This table summarizes inventory and sales transactions over a few months, detailing the date, type of transaction, number of units involved, the price per unit, and the total amount for each transaction. - **April

Business

Accounting

Date Apr. 3 Apr. 8 Apr. 11 Apr. 30 May 8 May 10 May 19 May 28 June 5 June 16 June 21 June 28 Quantity 144 ✓ 120 120 ✔ 216 V Purchases Unit Cost 720 ✓ 800 ✓ 880 ✓ 960 ✔ Total Cost $ 103,680 96,000 105,600 207,360 ✓ FIFO Method For the three-months ended June 30 Cost of Merchandise Sold Quantity 72 ✔ $ 36 ✓ 72 ✓ 96 ✔ Unit Cost 600✔ $ 720 X W Total Cost 43,200 ✔ Quantity 72 ✓ 72 ✓ ✓ $ 144 ✓ 60 ✓ Inventory 120 ✔ Unit Cost Total Cost

Date Apr. 3 Apr. 8 Apr. 11 Apr. 30 May 8 May 10 May 19 May 28 June 5 June 16 June 21 June 28 Quantity 144 ✓ 120 120 ✔ 216 V Purchases Unit Cost 720 ✓ 800 ✓ 880 ✓ 960 ✔ Total Cost $ 103,680 96,000 105,600 207,360 ✓ FIFO Method For the three-months ended June 30 Cost of Merchandise Sold Quantity 72 ✔ $ 36 ✓ 72 ✓ 96 ✔ Unit Cost 600✔ $ 720 X W Total Cost 43,200 ✔ Quantity 72 ✓ 72 ✓ ✓ $ 144 ✓ 60 ✓ Inventory 120 ✔ Unit Cost Total Cost

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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Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $102 $1,428 Sept. 12 Purchases 48 105 5,040 Sept. 19 Purchases 50 106 5,300 Sept. 26 Purchases 23 23 107 2,461 Totals 135 $14,229 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) The ending inventory at September 30 $ FIFO $ LIFO $ AVERAGE COST (b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) Cost of goods sold EA FIFO +A $ LIFO AVERAGE-COST $
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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 25 Activities beginning inventory Purchase Sales Purchase Purchase Bales Totals Units Acquired at Cost 553.60 per unit $50.60 per unit 230 units 290 units 150 unit 200 units 350 units $63.60 per unit $45.00 per unit Perpetual FIFO Perpetual LIFO Weighted Average Specific d Compute the cost assigned to ending inventory using LIFO Complete this question by entering your answers in the tabs below. Units Bold at Retail 390 units # $88.40 per unit 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (d) 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…