P3-6 Woodivorks Company deals in furnitüre and uses periodic inventöry system. T:he following.transaction occurred during the month of March, 2014.No: ofDate:1-Mar-1415-Mar-14DescriptionOpening Inventory 100New PurchäsesChairs Unit Cost : Total :P40 P4,0002,1003,3759,47550754220-Mar-14 New Purchases45Total225{1The Company sold 200.chairs in-March 2014.Required: Compute, ending inventory and cost of goods sold under each of the following.methods.FIFO.a.b.LIFOMoving averåge çostd.Weightëd average costCS Scanned with CamScanner

as per the guidelines, only 3 parts are allowed to be solved. Cost of goods sold represents the…

P3-6 Woodiworks Company deals in furnitüre and uses periodic inventöry system. T:he follôwing transaction occurred.during the'month of March, 2014. Date: 1-Mar-14 15-Mar-14 20-Mar-14 Description Opening Inventory. New Purchäses No: of Chairs Unit Cost Total 100 50 P40 P4,000 42 2,100 New Purchases 75 45 3,375. Total 225 9,475

P3-6 Woodiworks Company deals in furnitüre and uses periodic inventöry system. T:he follôwing transaction occurred.during the'month of March, 2014. Date: 1-Mar-14 15-Mar-14 20-Mar-14 Description Opening Inventory. New Purchäses No: of Chairs Unit Cost Total 100 50 P40 P4,000 42 2,100 New Purchases 75 45 3,375. Total 225 9,475

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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Required information 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 March 1 Beginning inventory 210 units @ $53.20 per unit March 5 Purchase 280 units @ $58.20 per unit March 9 Sales 370 units @ $88.20 per unit March 18 Purchase 140 units @ $63.20 per unit March 25 Purchase 260 units @ $65.20 per unit March 29 Sales 240 units @ $98.20 per unit Totals 890 units 610 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 120 units from beginning inventory, 250 units from the March 5 purchase, 100 units from the March 18 purchase, and 140 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.
Required Information [The following information applies to the questions displayed below.] Wernerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Activities Units Sold at Retail Units Acquired at Cost 100 units e $67.00 per unit 400 units e $72.00 per unit Date 1 Beginning iventory Mar. Mar. 5 Purchase Mar, 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 428 units e $182.00 per unit 120 units e $77.00 per unit 200 units e $79.00 per unit 168 unitse $112.80 per unit Totals 82e units 588 units 4. Compute gross profit esmed by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchese; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchose. (Round welghted average cost per unit to two decimals and final answers to nearest whole…
Cheyenne Vision Inc. opened for business on Jan 1, and uses a perpetual inventory system. During January, the company had the following purchases and sales for one of its products: Date Jan. 1 (a) 7 14 16 17 Units 1,402 Purchases 800 Question 2 of 4 929 Unit Cost $25 Ending Inventory Cost of Goods Sold $ 27 35 FIFO +A Units 602 1,200 Sales Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. Ignore the effect of income tax. (Round average cost answers to 2 decimal places, e.g. 5,275.75.) Unit Price $95 75 Average Cost tA +A ...
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< Boxwood Company sells blankets for $33 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Boxwood uses a perpetual inventory system. Blankets Units Date May 3 10 17 20 23 Purchase 30 Sale Purchase Sale Sale 21 8 40 Purchase 15 6 Cost 33 $20 Determine the gross profit for the sale of May 23 using the FIFO inventory costing method. a. $84 O b. $221 c. $114 O d. $259 $17 $19 2
Details regarding the inventory of appliances on January 1, 20Y7, purchases invoices during the year, and the inventory count on December 31, 20Y7, of Amsterdam Appliances are summarized as follows: Purchases Invoices Model Inventory,January 1 1st 2nd 3rd Inventory Count,December 31 A10 — 4 at $ 64 4 at $ 70 4 at $ 76 6 B15 8 at $176 4 at 158 3 at 170 6 at 184 8 E60 3 at 75 3 at 65 15 at 68 9 at 70 5 G83 7 at 242 6 at 250 5 at 260 10 at 259 9 J34 12 at 240 10 at 246 16 at 267 16 at 270 15 M90 2 at 108 2 at 110 3 at 128 3 at 130 5 Q70 5 at 160 4 at 170 4 at 175 7 at 180 8 Instructions: 1. Determine the cost of the inventory on December 31, 20Y7, by the first-in, first-out method. If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different…
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What is ending inventory and cost of goods sold under FIFO, LIFO and average cost under the perpetual inventory system. Show your work. The units of an item available for sale during the year were as follows: January 10 January 15 Inventory Sold 27 units @ $90 20 units February 27 March 1 Purchase Sold 54 units @ $98 35 units July 11 July 15 Purchase Sold 63 units @ $106 75 units November 13 Purchase 36 units @ $115
please answer 4 and 5? answer are at the bottom what is the process to get these answers
answer in text form please (without image),,,,,,,,,,,,,,,,,,,,,, Please answer both the question , otherwise skip it, these are easy question
! Required information [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of $11 cash per unit (for a total cost of $11,000). 5 Allied sold 500 of the units in inventory for $15 per unit (invoice total: $7,500) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $5,500. 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $750). Allied restores the units, which cost $550, to its inventory. 8 Macy discovers that 50 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $350 to compensate for the damage. 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of…