Required informationProblem 5-2AA (Static) Periodic: Alternative cost flows LO P3[The following information applies to the questions displayed below.]Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactionsfor March.DateMarch 1March 5March 9March 18March 25March 29ActivitiesBeginning inventoryPurchaseSalesPurchasePurchaseSalesTotalsUnits Acquired at Cost@$50 per unit@ $55 per unitProblem 5-2AA (Static) Part 3100 units400 units120 units200 units820 units@$60 per unit@ $62 per unitUnits Sold at Retail420 units @ $85 per unit160 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.3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (Roundyour "average cost per unit" to 2 decimal places.)

Name: Required informationProblem 5-2AA (Static) Periodic: Alternative cost
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Description: Required informationProblem 5-2AA (Static) Periodic: Alternative cost flows LO P3[The following information applies to the questions displayed below.]Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and s

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Required information Problem 5-2AA (Static) Periodic: Alternative cost flows LO P3 [The following information applies to the questions displayed below.] 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 Sales Totals Units Acquired at Cost @$50 per unit @$55 per unit 100 units 400 units 120 units 200 units 820 units @$60 per unit @$62 per unit Units Sold at Retail 420 units @ $85 per unit 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.

Required information Problem 5-2AA (Static) Periodic: Alternative cost flows LO P3 [The following information applies to the questions displayed below.] 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 Sales Totals Units Acquired at Cost @$50 per unit @$55 per unit 100 units 400 units 120 units 200 units 820 units @$60 per unit @$62 per unit Units Sold at Retail 420 units @ $85 per unit 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.

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…
urrent ALLE empt mFIogress Flint Corporation uses a perpetual inventory system reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $6 $720 12 Purchases 360 2,520 23 Purchases 240 1,920 30 Inventory 250 I Calculate the average cost per unit, using a perpetual inventory system. Assume a sale of 420 units occurred on June 15 for a selling price of $9 and a sale of 50 units on June 27 for $10. (Round answers to 3 decimal places, e.g. 5.125.) June 1 %24 June 12 $ June 15 $ 7:59 acer 7.
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