# Required Information**Wernerwoods 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 ||-----------|-----------------------------|-----------------------------|-----------------------------|| Mar. 1 | Beginning inventory | 100 units @ $67.00 per unit | || Mar. 5 | Purchase | 400 units @ $72.00 per unit | || Mar. 9 | Sale | | 420 units @ $102.00 per unit|| Mar. 18 | Purchase | 120 units @ $77.00 per unit | || Mar. 25 | Purchase | 200 units @ $79.00 per unit | || Mar. 29 | Sale | | 160 units @ $112.00 per unit|| **Totals**| | **820 units** | **580 units** |3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.Complete the question by entering your answers in the tabs below.- **Perpetual FIFO**- **Perpetual LIFO**- **Weighted Average**- **Specific Id**### Compute the cost assigned to ending inventory using LIFO.#### Perpetual LIFO:| Date | Goods Purchased | Cost of Goods Sold | Inventory Balance ||------------|----------------------------------|----------------------------------|---------------------------------|| | # of units | Cost per unit | | # of units | Cost per unit | Cost of Goods Sold | # of units | Cost per unit | Inventory Balance ||------------|------------|---------------|----|------------|---------------|-------------------|------------|---------------|-------------------|| March 1 | | | | 100 | $67.00 | $6,700.00 | | | || March 5 | 400 | $

Under LIFO method, the goods purchased at last are sold first. The newer units are sold, and older…

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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 periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 630 units @ $45.00 per unit February 10 Purchase 460 units @ $42.00 per unit March 13 Purchase 230 units @ $27.00 per unit March 15 Sales 920 units @ $75.00 per unit August 21 Purchase 130 units @ $50.00 per unit September 5 Purchase 530 units @ $46.00 per unit September 10 Sales 660 units @ $75.00 per unit Totals 1,980 units 1,580 units Required: Compute cost of goods available for sale and the number of units available for sale. Compute the number of units in ending inventory. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold consist of 630 units from beginning inventory,…
The following units of a particular item were availlable for sale during the calendar year: Jan. 1 Inventory 4,100 units at $39 Apr. 19 Sale 2,300 units June 30 Purchase 4,500 units at $43 Sept. 2 Sale 5,200 units Nav. 15 Purchase 2,100 units at $46 The firm maintains a perpetual inventory system. Determine the cost of goods ssold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Cost of Goods Sold Inventory Purchases Quantity Total Cos Quantity Unit Cost Total Cost Unit Cost Unit Cost Total Cost Quantity Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances
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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
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 Gross Margin Activities Sales Less: Cost of goods sold Gross profit Beginning inventory Purchase Sales Purchase Purchase Sales Totals FIFO Units Acquired at Cost 240 units @ $53.80 per unit 295 units @ $58.80 per unit HAN LIFO 155 units @ $63.80 per unit 290 units e $65.80 per unit 980 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 135 units from beginning inventory, 265 units from the March 5 purchase, 115 units from the March 18 purchase, and 155 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Weighted Average Units Sold at Retail Specific ID 400 units @ $88.80 per unit 270 units @ $98.80 per unit. 670 units
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 Gross Margin Activities. Beginning inventory Purchase Sales Sales Less: Cost of goods sold Gross profit Purchase. Purchase Sales Totals FIFO Units Acquired at Cost 140 units @ $51.80 per unit 245 units @ $56.80 per unit LIFO 105 units@ $61.80 per unit 190 units@ $63.80 per unit 680 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 85 units from beginning inventory, 215 units from the March 5 purchase, 65 units from the March 18 purchase, and 105 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) Weighted Average Units Sold at Retail Specific ID 300…
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 March 1 Beginning inventory 165 units @ $55 per unit March 5 Purchase 465 units @ $60 per unit March 9 Sales 485 units @ $90 per unit March 18 Purchase 250 units @ $65 per unit March 25 Purchase 330 units @ $67 per unit March 29 Sales 290 units @ $100 per unit Totals 1,210 units 775 units For specific identification, units sold include 70 units from beginning inventory, 415 units from the March 5 purchase, 105 units from the March 18 purchase, and 185 units from the March 25 purchase. Required: 1. Compute cost of goods available for sale and the number of units available for sale.
(a) FIFO (b) LIFO (c) Weighted average (d) Specific identification Help Save & Ex 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount. FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0 5. The company's manager earns a bonus based on a percent of gross profit. Which method of inventory costing produces the highest bonus for the manager? O FIFO O LIFO O Weighted Average O Specific Identification
Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail Units Acquired at Cost @$45 per unit $42 per unit @ $27 per unit Date January 1 February 10 March 13 March 15 August 21 Septeber 5 September 10 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Totals Cost of goods available for sale Number of units available for sale Ending inventory Required: 1. Compute cost of goods available for sale and the number of units available for sale. (a) FIFO (b) LIFO (c) Weighted average (d) Specific identification 2. Compute the number of units in ending inventory. $ Sales Less: Cost of goods sold Gross profit 1,400 units Ending Inventory $ $ S O Weighted Average O Specific Identification O LIFO O FIFO 600 units 400 units 200 units 100 units 500 units 9,800 7,600 1,800 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d)…
PLEASE FILL OUT THE CHART. use the following information to complete it. Thank you! 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 160 units @ $52.20 per unit March 5 Purchase 255 units @ $57.20 per unit March 9 Sales 320 units @ $87.20 per unit March 18 Purchase 115 units @ $62.20 per unit March 25 Purchase 210 units @ $64.20 per unit March 29 Sales 190 units @ $97.20 per unit Totals 740 units 510 units
D ences 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 Gross Margin Activities Sales Less: Cost of goods sold Gross profit Beginning inventory Purchase Sales Purchase Purchase Sales Totals FIFO Units Acquired at Cost 60 units @ $50.20 per unit 205 units $55.20 per unit LIFO 65 units @ $50.20 per unit 110 units @ $62.20 per unit 440 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 45 units from beginning inventory, 175 units from the March 5 purchase, 25 units from the March 18 purchase, and 65 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Weighted Average Units Sold at Retail Specific…
Sunland Company uses a perpetual inventory system and reports the following for the month of June. Date June 1 (a1) 12 23 30 June 1 June 12 June 15 Explanation Units Inventory June 23 Purchase June 27 Purchase Inventory Your answer is correct. $ $ $ 140 $ 360 $ 220 270 Calculate the weighted-average cost per unit, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $7 and a sale of 50 units on June 27 for $8. (Round intermediate calculations to O decimal places, e.g. 152 and final answers to 3 decimal places, e.g. 5.125.) Unit Cost 5 5.72 5.72 6.6 $5 6.6 6 7 Total Cost $700 2,160 1,540

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