ncescrawRequired informationProblem 5-1A (Static) Perpetual: Alternative cost flows LO P1[The following information applies to the questions displayed below.]Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactionsfor March.DateMarch 1March 5March 9March 18March 25March 29ActivitiesBeginning inventoryPurchaseSalesPurchasePurchaseSalesTotalsProblem 5-1A (Static) Part 4Gross MarginSalesLess: Cost of goods soldGross profitUnits Acquired at Cost@ $50 per unit@ $55 per unitFIFO100 units400 units120 units200 units820 unitsLIFO@ $60 per unit@ $62 per unitPrey4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from theMarch 25 purchase. (Round weighted average cost per unit to 2 decimal places.)InWeighted AverageS+of 4MacBook AirUnits Sold at Retail420 units160 units580 unitsSpecific ID@ $85 per unitNext@$95 per unit

Name: ncescrawRequired informationProblem 5-1A (Static) Perpetual: Alternat
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Description: ncescrawRequired informationProblem 5-1A (Static) Perpetual: Alternative cost flows LO P1[The following information applies to the questions displayed below.]Warnerwoods Company uses a perpetual inventory system. It entered into the following purcha

The question is based on the concept of Cost Accounting.

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Accounting

Problem 5-1A (Static) Perpetual: Alternative cost flows LO P1 [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 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units 100 units 400 units 120 units 200 units 820 units Acquired at Cost @ $50 per unit e $55 per unit e $60 per unit @ $62 per unit Units Sold at Retail 420 units 160 units 580 units e $85 per unit @ $95 per unit

Problem 5-1A (Static) Perpetual: Alternative cost flows LO P1 [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 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units 100 units 400 units 120 units 200 units 820 units Acquired at Cost @ $50 per unit e $55 per unit e $60 per unit @ $62 per unit Units Sold at Retail 420 units 160 units 580 units e $85 per unit @ $95 per unit

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 Problem 5-1A (Algo) Perpetual: Alternative cost flows LO P1 [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 Date March 1 March 5 Complete this question by entering your answers in the tabs below. Total March 5 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. March 9 Problem 5-1A (Algo) Part 3 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 75 units from beginning inventory, 205 units from the March 5 purchase, 55 units from the March 18 purchase, and 95 units from the March 25 purchase. Total March 9 March 18 Total March 18 March 25 Activities Total March 25 Beginning…
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Need to solve Perpetual FIFO, LIFO, Weight average and Specific identification.
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