## Required Information**[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 | Activities | Units Acquired at Cost | Units Sold at Retail ||-----------|---------------------|------------------------|----------------------|| Mar. 1 | Beginning Inventory | 270 units @ $60 per unit | || Mar. 5 | Purchase | 225 units @ $65 per unit | || Mar. 9 | Sale | | 490 units @ $95 per unit || Mar. 18 | Purchase | 300 units @ $68 per unit | || Mar. 25 | Purchase | 240 units @ $72 per unit | || Mar. 29 | Sale | | 300 units @ $95 per unit || | Totals | 1,035 units | 790 units |For specific identification, the March 9 sale consisted of 90 units from beginning inventory and 400 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 190 units from the March 25 purchase.### 4. Compute gross profit earned by the company for each of the four costing methods.*(Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar.)*| | FIFO | LIFO | Weighted Average | Specific Identification ||---------------|------|------|------------------|-------------------------|| **Sales** | | | | || **Less: Cost of Goods Sold** | ⑤ | ⑤ | ⑤ | ⑤ || **Gross Profit** | ⑤ | ⑤ | ⑤ | ⑤ |*Note: A response in a shaded cell is not required; the information is provided for educational purposes only.*

There are various methods of inventory valuation that is being used by the business like FIFO, LIFO,…

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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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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Activities Units Sold at Retail Unita Acquired at Cost 600 unita $35 per unit 300 unite @ $32 per unit 150 units @ $20 per unit Date. Jan. 1 Beginning inventory Feb. 10 Purchase. Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase. Sept. 5 Purchase. Sept. 10 Sales Totaln 190 units @ $40 per unit 540 units $37 per unit Cost of goods available for sale Number of units available for sale 1,780 units 725 units @ $80 per unit Required: 1. Compute cost of goods available for sale and the number of units available for sale. units 730 unite $80 per unit 1,455 unite
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 500 17 Purchase 200 $5.30 25 Sale 150 28 Purchase 100 5.80 May 5 Purchase 250 5.30 18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Instructions: 1. Compute the inventories at the end of each month and the cost of goods sold for each month for the following alternatives: FIFO periodic Cost of Goods Sold Ending Inventory April $ fill in the blank 1 $ fill in the blank 2 May $ fill in the blank 3 $ fill in the blank 4 FIFO perpetual Cost of Goods Sold Ending Inventory April $ fill in the blank 5 $ fill in the blank 6 May $ fill in the blank 7 $ fill in the blank 8 LIFO periodic Cost of Goods Sold Ending Inventory…
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Periodic System― Calculating Ending Inventory and Cost of Sales using FIFO The following information is available for Water Inc. Date Units Unit Cost January 1 (beginning inventory) 200 $50.00 Purchases: January 10 150 52.00 300 52.50 200 55.00 January 15 January 30 The company maintains a periodic inventory system. A physical count shows 250 units in stock on January 31. What is (a) ending inventory on January 31, and (b) cost of goods sold for January, using the FIFO inventory method? • Note: Round your final answers below to the nearest whole dollar. • Note: Use your rounded ending inventory answer to compute part b. cost of goods sold. a. Ending inventory on January 31 $ b. Cost of goods sold for January $ ×
Perpetual System-Calculating Ending Inventory and Cost of Sales Using Moving Average, FIFO, and LIFO April Inc. maintains a perpetual inventory system and recorded the following information for the month of January. Units Unit Cost $10.50 950 400 12.00 Inventory, January 1 Purchase, January 10 Purchase, January 20 Purchase, January 28 Sale, January 5 200 13.25 600 14.00 500 Sale, January 13 200 Sale, January 31 320 Inventory, January 31 1130 Date Compute ending inventory and cost of goods sold for the month ending January 31 using the (1) Moving average method, (2) FIFO method, (3) and the LIFO method. Moving average FIFO (1) Moving average method •Note: Enter the answers for unit cost in dollars and cents, rounded to the nearest penny. Use the rounded amounts for later calculations. •Note: Do not use negative signs with any of your answers. Date January 1 January 5 January 10 January 13 January 20 January 28 January 31 Units Moving Average Ending Inventory Cost of goods sold $…
Inventory data for an item for November are: Date Description 1-Nov 4-Nov 15-Nov 17-Nov 28-Nov 30-Nov Beg. Inventory Purchased Sold Purchased Purchased Sold Units and Prices 15 units at $10 each 50 units at $12 each 45 units for $40 each 30 units at $15 each 10 units at $20 each 50 units for $45 each Suppose this company employs a periodic inventory system using Weighted Average assumptions. What is the average cost per unit used for inventory in November? Please round to the penny.
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Weighted average cost flow method under perptual inventory system. The following units of a particular item were availabe for sale during the calendar year. Jan. 1 Inventory 4,000 units at $20 April 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 Instructions: The firm uses the weighted averaghe cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. (chapter 7 question EX 7-9 page 380- immediate accounting I textbook)
Can you please explain how to get the Cost of Goods Solds category using LIFO?
Required Information [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 Perpetual FIFO Perpetual LIFO Date March 1 March 5 Average March 5 March 9 Activities Beginning inventory Purchase Sales Complete this question by entering your answers in the tabs below. March 18 Purchase Purchase Sales Totals Average March 18 HTT 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 105 units from beginning inventory, 235 units from the March 5 purchase. 85 units from the March 18 purchase, and 125 units from the March 25 purchase. March 25 Average March 25 March 29 Totals Compute the cost assigned to ending inventory using weighted average. Note: Round your average cost per…
Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory Sales Units Acquired at Cost @ $10.20 = March 14 Purchase @ $15.20 = March 15 Sales July 30 Purchase @ $20.20 = Sales Purchase Totals October 5 October 26 Required: Hemming uses a perpetual inventory system. 205 units 300 units 400 units 105 units 1,010 units @ $25.20 $ 2,091 4,560 8,080 2,646 $ 17,377 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Units Sold at Retail 160 units 250 units 375 units 785 units @ $40.20 @ $40.20 @ $40.20

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