Required information[The following information applies to the questions displayed below.]TotalDateMarch 1March 5March 9March 18March 25March 29Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactionsfor March.Beginning inventoryPurchases:March 5March 18March 25ActivitiesBeginning inventoryPurchaseSalesPurchasePurchaseSalesTotalsSavedRequired:1. Compute cost of goods available for sale and the number of units available for sale.# of unitsCost perUnitUnits Acquired at Cost100 units @ $51.00 per unit225 units @ $56.00 per unit< Prev‒‒‒‒‒‒‒‒‒‒85 units @ $61.00 per unit150 units @ $63.00 per unitCost of Goods Available for Sale560 unitsCost of Goods Availablefor Sale3 4 5 6of 7Help Save & ExitUnits Sold at Retail260 units @ $86.00 per unitNext >130 units @ $96.00 per unit390 unitsSubn

Inventory valuation is based on the method of flow used by the organization. It can be the first in…

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. Total Date March 1 March 5 March 9 March 18 March 25 March 29 Beginning inventory Purchases: March 5 March 18 March 25 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 100 units @ $51.00 per unit 225 units @ $56.00 per unit Required: 1. Compute cost of goods available for sale and the number of units available for sale. 85 units @ $61.00 per unit 150 units @ $63.00 per unit # of units 560 units Cost of Goods Available for Sale Cost per Cost of Goods Available Unit for Sale Units Sold at Retail 260 units @ $86.00 per unit 130 units @ $96.00 per unit 390 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. Total Date March 1 March 5 March 9 March 18 March 25 March 29 Beginning inventory Purchases: March 5 March 18 March 25 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 100 units @ $51.00 per unit 225 units @ $56.00 per unit Required: 1. Compute cost of goods available for sale and the number of units available for sale. 85 units @ $61.00 per unit 150 units @ $63.00 per unit # of units 560 units Cost of Goods Available for Sale Cost per Cost of Goods Available Unit for Sale Units Sold at Retail 260 units @ $86.00 per unit 130 units @ $96.00 per unit 390 units

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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Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Beginning Inventory Unit Cost Total Cost $ 80 $ 2,400 Purchase 86 3,440 Purchase 90 Purchase 96 January 1 March 28 August 22 October 14 Goods Available for Sale Units 30 40 60 65 195 a. FIFO b. LIFO c. Weighted Average 5,400 6,240 $ 17,480 The company sold 65 units on May 1 and 60 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.
[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 Purchase Purchase Sales Totals Problem 5-1A (Static) Part 2 Ending inventory units Units Acquired at Cost @ $50 per unit @ $55 per unit 100 units 400 units 2. Compute the number of units in ending inventory. 120 units 200 units 820 units FO F9
! Connect Required information [The following information applies to the questions displayed below.] Date January 1 January 10 January 20 January 25 January 30 ezto.mheducation.com Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Activities Beginning inventory Sales Purchase Sales Purchase Totals Assume the perpetual inventory system is used. Required: Specific Weighted Identification Average Complete this question by entering your answers in the tabs below. Units Acquired at Cost 200 units @ $ 12.50 = 130 units @ $ 11.50 = $ 11.00 = 300 units @ 630 units FIFO LIFO $ 2,500 1,495 3,300 $ 7,295 Units sold at Retail 160 units @ @ 140 units 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2.…
es Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 Activities March 5 Beginning inventory Purchase March 9 Sales March 18 March 25 Purchase Purchase March 29 Sales Totals Units Acquired at Cost 115 units @ $50 per unit 415 units @ $55 per unit 150 units @$60 per unit 230 units @ $62 per unit 910 units. Units Sold at Retail 435 units @ $85 per unit 190 units @ $95 per unit 625 units For specific identification, units sold include 50 units from beginning inventory, 385 units from the March 5 purchase, 55 units from the March 18 purchase, and 135 units from the March 25 purchase. 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 and final answers to nearest whole dollar. FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0
Co.'s purchases and sales of a particular product during the year are shown below: Jan. 1 Beginning Inventory Jan. 18 Purchase 1,500 units @ $ 10 1,250 units @ $ 12 1,500 units @ $ 20 1,750 units @ $ 14 1,750 units @ $ 25 500 units @ $ 15 Jan 20 Sold Jan. 25 Purchase Jan. 27 Sold Jan. 29 Purchase Assuming that company uses perpetual inventory system, determine the cost of goods sold and compute the ending inventory as of Jan. 31 and make the journal entry for Jan. 27 transaction inventory subsidiary ledger for LIF0 cost flow assumption. by using DATE IN OUT BALANCE Quantity Price Total Quantity Price Total Quantity Price Total Jan 1 Jan 18 Jan 20 Jan 25 Jan 27 Jan 29
! 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. For specific identification, ending inventory consists of 200 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Assume the perpetual inventory system is used. Required: Activities Beginning inventory Sales Purchase Sales Purchase Totals Specific Identification Purchase Date January 1 January 20 January 30 FIFO Units Acquired at Cost @ $ 7.50 = Complete this question by entering your answers in the tabs below. LIFO Available for Sale Activity Beginning inventory Purchase Purchase 150 units 80 units @ 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. # of units…
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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. Units Acquired at Cost 100 units @ $50 per unit 400 units @ $55 per unit Activities Units Sold at Retail Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 1 Beginning inventory 5 Purchase 9 Sales 420 units @ $85 per unit 120 units @ $60 per unit 200 units @ $62 per unit 160 units @ $95 per unit Totals 820 units 580 units 4. Compute gross profit earned by the company for each of the four costing methods. 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. (Round weighted average cost per unit to 2 decimal places.) Gross Margin FIFO LIFO Avg. Cost Spec. ID Sales…
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 Activities Units Acquired at Cost Units Sold at Retail March 1 Beginning inventory 120 units @ $51.40 per unit March 5 Purchase 235 units @ $56.40 per unit March 9 Sales 280 units @ $86.40 per unit March 18 Purchase 95 units @ $61.40 per unit March 25 Purchase 170 units @ $63.40 per unit March 29 Sales 150 units @ $96.40 per unit Totals 620 units 430 units 4. Compute gross profit earned by the company for each of the four costing methods. 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. (Round weighted average cost per unit to two decimals and final answers to nearest…
Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Total Beginning inventory Purchases: March 14 July 30 October 26 b) Periodic LIFO Total Beginning inventory Purchases: March 14 July 30 October 26 Activities Beginning inventory Sales Purchase Sales c) Gross profit Purchase Sales Purchase Totals Exercise 6-10A (Algo) Periodic: Inventory costing LO P3 # of units Cost of Goods Available for Sale FIFO # of units 0 Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross profit for each method. a) Periodic FIFO Cost per unit 0 Cost of…
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 100 units @ $50 per unit 400 units@ $55 per unit Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities 1 Beginning inventory 5 Purchase 9 Sales 420 units @ $85 per unit 120 units @ $60 per unit 200 units @ $62 per unit 160 units @ $95 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. es Complete this question by einering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to…