H5.C5Warnerwoods Company uses a perlodic inventory system. It entered into the following purchases and sales transactionsfor March.DateMarch 1March 5March 9March 18March 25March 29ActivitiesBeginning inventoryPurchaseSalesPurchasePurchaseSalesTotalsUnits Acquired at Cost100 units@$50 per unit400 units@$55 per unitUnits Sold at Retail420 units @ $85 per unit120 units@$60 per unit200 units@$62 per unit820 units160 units @ $95 per unit580 unitsFor specific Identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40units from the March 18 purchase, and 120 units from the March 25 purchase.Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific Identification. (Roundur "average cost per unit" to 2 decimal places.) Totalc) Average CostBeginning inventoryPurchases:March 5March 18March 25Totald)IdentificationBeginning inventoryPurchases:March 5March 18March 25Total820Cost of Goods Available for SaleCost ofGoodsAvailablefor Sale# of units100AverageCost per unit400120200820 $# of units Cost per unit100 $Cost of Goods Available for SaleCost ofGoodsAvailablefor Sale200820400120 $696969$ 46,60022,0007,20012,40067.04 $ 46,60050.00$ 5,00055.0060.0062.00S 5,00022,0007,20012,400$ 46,600655Cost of Goods Sold# of unitssoldAverage Costper Unit655 $# of unitssold67.04Cost per unit80 SCost of Goods Sold365 S65 $145 $65550.00$ 38,62555.0060.0062.00Cost ofGoodsSold$ 43,911Cost ofGoodsSold$ 4.00020.0753,9008,990$36.965315Ending Inventory# of unitsin endinginventoryAverage Cost EndingInventoryper unit315 $Ending Inventory67.04# of unitsin ending Cost per unitinventory$$S105 S10550.00$ 16,70055.0060.0062.00$ 21,118EndingInventory$0006,510$ 6,510 3. Compute the cost assignedventory using (a) FIFO,your "average cost per unit" to 2 decimal places.)a) Periodic FIFOBeginning inventoryPurchases:March 5March 18March 25Totalb) Periodic LIFOBeginning inventoryPurchases:March 5March 18March 25Totalc) Average CostCost of Goods Available for SaleCost ofGoodsAvailablefor Sale# of units Cost per unit100 $400$120 $200 $82010050.00# of units Cost per unit$55.0060.0062.00Cost of Goods Available for SaleCost ofGoodsAvailablefor Sale400 $120$200$82050.00$ 5,00055.0060.0062.0022,0007,20012,400$ 46,600$ 5,00022,0007,20012.400$ 46,600Cost of Goods Available for SaleCost of Goods Sold# of unitssold100 $400 $120 $0620Cost per unit# of unitssold(C) weighted average, and (d) specific Identification. (Ro050.00235$170 S250 $65555.0060.00Cost of Goods SoldCost per unitCost ofGoodsSold55.0060.0062.00$ 5,00022,0007,2000$ 34,200Cost ofGoodsSold$ 12,92510.20015,500$38.625Cost of Goods SoldEnding Inventory# of unitsin ending Cost per unitinventory00$55$250 $305$125Ending Inventory# of unitsin ending Cost per unitinventory3150.00$190 S000.0060.0062.0050.00EndingInventory55.00$0Ending Inventory03,30015,500$ 18,800EndingInventory$ 6,25010,450$ 16.700

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Description: H5.C5Warnerwoods Company uses a perlodic inventory system. It entered into the following purchases and sales transactionsfor March.DateMarch 1March 5March 9March 18March 25March 29ActivitiesBeginning inventoryPurchaseSalesPurchasePurchaseSalesTotalsU

Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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H5.C5 Warnerwoods Company uses a perlodic 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 Sales Totals Units Acquired at Cost 100 units @$50 per unit 400 units @$55 per unit Units Sold at Retail 420 units @ $85 per unit 120 units @$60 per unit 200 units @$62 per unit 820 units 160 units @ $95 per unit 580 units For specific Identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific Identification. (Round ur "average cost per unit" to 2 decimal places.)

Total
c) Average Cost
Beginning inventory
Purchases:
March 5
March 18
March 25
Total
d)
Identification
Beginning inventory
Purchases:
March 5
March 18
March 25
Total
820
Cost of Goods Available for Sale
Cost of
Goods
Available
for Sale
# of units
100
Average
Cost per unit
400
120
200
820 $
# of units Cost per unit
100 $
Cost of Goods Available for Sale
Cost of
Goods
Available
for Sale
200
820
400
120 $
696969
$ 46,600
22,000
7,200
12,400
67.04 $ 46,600
50.00
$ 5,000
55.00
60.00
62.00
S 5,000
22,000
7,200
12,400
$ 46,600
655
Cost of Goods Sold
# of units
sold
Average Cost
per Unit
655 $
# of units
sold
67.04
Cost per unit
80 S
Cost of Goods Sold
365 S
65 $
145 $
655
50.00
$ 38,625
55.00
60.00
62.00
Cost of
Goods
Sold
$ 43,911
Cost of
Goods
Sold
$ 4.000
20.075
3,900
8,990
$36.965
315
Ending Inventory
# of units
in ending
inventory
Average Cost Ending
Inventory
per unit
315 $
Ending Inventory
67.04
# of units
in ending Cost per unit
inventory
$
$
S
105 S
105
50.00
$ 16,700
55.00
60.00
62.00
$ 21,118
Ending
Inventory
$
0
0
0
6,510
$ 6,510

3. Compute the cost assigned
ventory using (a) FIFO,
your "average cost per unit" to 2 decimal places.)
a) Periodic FIFO
Beginning inventory
Purchases:
March 5
March 18
March 25
Total
b) Periodic LIFO
Beginning inventory
Purchases:
March 5
March 18
March 25
Total
c) Average Cost
Cost of Goods Available for Sale
Cost of
Goods
Available
for Sale
# of units Cost per unit
100 $
400
$
120 $
200 $
820
100
50.00
# of units Cost per unit
$
55.00
60.00
62.00
Cost of Goods Available for Sale
Cost of
Goods
Available
for Sale
400 $
120
$
200
$
820
50.00
$ 5,000
55.00
60.00
62.00
22,000
7,200
12,400
$ 46,600
$ 5,000
22,000
7,200
12.400
$ 46,600
Cost of Goods Available for Sale
Cost of Goods Sold
# of units
sold
100 $
400 $
120 $
0
620
Cost per unit
# of units
sold
(C) weighted average, and (d) specific Identification. (Ro
0
50.00
235
$
170 S
250 $
655
55.00
60.00
Cost of Goods Sold
Cost per unit
Cost of
Goods
Sold
55.00
60.00
62.00
$ 5,000
22,000
7,200
0
$ 34,200
Cost of
Goods
Sold
$ 12,925
10.200
15,500
$38.625
Cost of Goods Sold
Ending Inventory
# of units
in ending Cost per unit
inventory
0
0
$
55
$
250 $
305
$
125
Ending Inventory
# of units
in ending Cost per unit
inventory
315
0.00
$
190 S
0
0
0.00
60.00
62.00
50.00
Ending
Inventory
55.00
$
0
Ending Inventory
0
3,300
15,500
$ 18,800
Ending
Inventory
$ 6,250
10,450
$ 16.700

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