Fragrant Flowers Inc. reports the following inventory transactions for its bouquets for the month of December. The company uses a perpetual inventory system. Date Dec 1 Dec 6 Dec 9 Dec 14 Dec 20 Dec 28 Description Beginning inventory Purchases Sales Purchases Sales Purchases Answer: Units 30 15 (35) 20 (25) 20 Unit Cost $55 $45 $40 $35 Total Cost $1,650 $675 $800 $700 Required: Determine the cost of ending inventory at December 31 using the weighted average cost method. Use unrounded numbers in your interim calculations but round to the nearest cent (2 decimal places) for your final answer.

Fragrant Flowers Inc. reports the following inventory transactions for its bouquets for the month of December. The company uses a perpetual inventory system. Date Dec 1 Dec 6 Dec 9 Dec 14 Dec 20 Dec 28 Description Beginning inventory Purchases Sales Purchases Sales Purchases Answer: Units 30 15 (35) 20 (25) 20 Unit Cost $55 $45 $40 $35 Total Cost $1,650 $675 $800 $700 Required: Determine the cost of ending inventory at December 31 using the weighted average cost method. Use unrounded numbers in your interim calculations but round to the nearest cent (2 decimal places) for your final answer.

Name: Fragrant Flowers Inc. reports the following inventory transactions fo
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Description: Fragrant Flowers Inc. reports the following inventory transactions for its bouquets for the month of December. Thecompany uses a perpetual inventory system.DateDec 1Dec 6Dec 9Dec 14Dec 20Dec 28DescriptionBeginning inventoryPurchasesSalesPurchasesSal

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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Warnerwoods Company uses a periodic 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 Answer: Sales Totals Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit 80 140 units @ $60.80 per unit units @ $62.80 per unit 530 units Calculate the total cost of goods available for sale Units Sold at Retail 250 units @ $85.80 per unit 120 units 370 units @ $95.80 per unit
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Can do the FIFO AND THE LIFO and also the weighted average for January 1 January 10 January 20 January 25 January 30 thank you
Can you please explain how to get the Cost of Goods Solds category using LIFO?
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 Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at Cost 60 units @ $50.20 per unit 205 units @ $55.20 per unit 65 units @ $60.20 per unit 110 units @ $62.20 per unit 440 units Units Sold at Retail 220 units @ $85.20 per unit 90 units @ $95.20 per unit 310 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 45 units from beginning inventory and 175 units from the March 5 purchase; the March 29 sale consisted of 25 units from the March 18 purchase and 65 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)…
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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 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…
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