Required information Problem 6-2AA 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. Activities Mar. 1 Beginning inventory 5 Purchase 9 Sales Units Acquired at Cost 110 units @ $45 per unit 410 units @ $50 per unit Date Units Sold at Retail Mar. 430 units @ $80 per unit Mar. Mar. 18 Purchase 140 units @ $55 per unit 220 units @ $57 per unit Mar. 25 Purchase Mar. 29 Sales 180 units @ $90 per unit 610 units Totals 880 units For specific identification, the March 9 sale consisted of 60 units from beginning inventory and 370 units from the March 5 purchase; the March 29 sale consisted of 50 units from the March 18 purchase and 130 units from the March 25 purchase. Problem 6-2AA Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (Round your average cost per unit to 2 decimal places.) a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of units # of units Cost per unit # of units Cost per sold in ending Cost per unit Ending Inventory Goods unit Sold inventory Beginning inventory Purchases: 0.00 S 0.00 S March 5 0.00 0.00 March 18 0.00 2$ 0.00 March 25 0.00 Total
Required information Problem 6-2AA 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. Activities Mar. 1 Beginning inventory 5 Purchase 9 Sales Units Acquired at Cost 110 units @ $45 per unit 410 units @ $50 per unit Date Units Sold at Retail Mar. 430 units @ $80 per unit Mar. Mar. 18 Purchase 140 units @ $55 per unit 220 units @ $57 per unit Mar. 25 Purchase Mar. 29 Sales 180 units @ $90 per unit 610 units Totals 880 units For specific identification, the March 9 sale consisted of 60 units from beginning inventory and 370 units from the March 5 purchase; the March 29 sale consisted of 50 units from the March 18 purchase and 130 units from the March 25 purchase. Problem 6-2AA Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (Round your average cost per unit to 2 decimal places.) a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of units # of units Cost per unit # of units Cost per sold in ending Cost per unit Ending Inventory Goods unit Sold inventory Beginning inventory Purchases: 0.00 S 0.00 S March 5 0.00 0.00 March 18 0.00 2$ 0.00 March 25 0.00 Total
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Need to compute Periodic system for FIFO, LIFO, Weighted average, and Specific identification.
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