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 @ $60.20 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 < Prev Specific ID 6 Units Sold at Retail of 8 220 units @ $85.20 per unit 90 units @ $95.20 per unit 310 units Next >

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 @ $60.20 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 < Prev Specific ID 6 Units Sold at Retail of 8 220 units @ $85.20 per unit 90 units @ $95.20 per unit 310 units Next >

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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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…
! 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 Activities Beginning inventory Purchase Sales Ending inventory Purchase Purchase Sales Totals 2. Compute the number of units in ending inventory. units Units Acquired at Cost $50 per unit e $55 per unit 100 units 400 units 120 units 200 units 820 units e $60 per unit @ $62 per unit Units Sold at Retail 420 units @ $85 per unit 160 units @ $95 per unit 580 units
Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. Required: 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Date Activities Units Acquired at Cost Units Cost per unit Total cost Units Units Sold at Retail Selling price per Total Sales January 01 Beginning inventory 205 $13.00 $2,665.00 January 10 January 20 January 25 Sales Purchase Sales 165 $22 $3,630.00 140 $12.00 $1,680.00 145 $22 $3,190.00 January 30 310 $11.50 655 Purchase Totals Notice that cost of goods sold, $3,917.22, plus ending inventory, $3,992.78, equals cost of goods available for sale, $7,910.00. Weighted Average Cost of Goods Sold $3,565.00 $7,910.00 310 $6,820.00 Inventory Balance Units Date Activities Cost per unit Cost of goods sold Units Cost per Total Cost January 01 Beginning inventory 205 unit $13.00 $2,665.00 January 10 Sales 165 $13.000 $2,145.00 40 $13.00 $520.00…
Perpetual FIFO Perpetual LIFO Weighted Average Specific Identification Compute the cost assigned to ending Inventory using FIFO. Note: Round your average cost per unit to 2 decimal places. Perpetual FIFO: Cost of Goods Sold Goods Purchased Date # of units Cost per unit # of units sold January 1 February 10 Total February 10 March 13 Total March 13 March 15 Total March 15 August 21 Total August 21 Inventory Balance Cost per Cost of Goods Sold Cost per # of units unit 630 at unit Inventory Balance $50.00 = $31,500.00
Haresh
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…
! Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail 105 units @ $16.00 85 units @ $16.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income The Company uses a perpetual inventory system. For specific Identification, ending Inventory consists of 215 units, where 190 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume- expenses are $1,300 and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) $ Units Acquired at Cost 145 units@ $7.00 = $1,015…
Meman
Can i please get help with this question? 7.4 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 90 units @ $50.80 per unit March 5 Purchase 220 units @ $55.80 per unit March 9 Sales 250 units @ $85.80 per unit March 18 Purchase 80 units @ $60.80 per unit March 25 Purchase 140 units @ $62.80 per unit March 29 Sales 120 units @ $95.80 per unit Totals 530 units 370 units 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 60 units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the March 25 purchase.
Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold. The company uses a periodic inventory system. Consider the following information: Date Description # of units Cost per unit January 1 Beginning inventory 290 $ 4 June 2 Purchase 80 $ 3 November 5 Sales 310 What amounts would be reported as the cost of goods sold and ending inventory balances for the year? Multiple Choice Cost of goods sold $1,220; Ending inventory $180 Cost of goods sold $1,240; Ending inventory $140 Cost of goods sold $1,160; Ending inventory $240 Cost of goods sold $1,300; Ending inventory $210