Required Information[The following information applies to the questions displayed below.)Warnerwoods Company uses a perpetual inventory system. It entered into the following purchoses and seles transectionsfor March.ActivitiesUnits Sold at RetailLnits Acquired at Cost100 units e $67.00 per unit480 units e $72.00 per unitDate1 Beginning inventoryMar.Mar. 5 PurchaseMar. 9 SalesMar. 18 Purchase428 unitse $102.00 per unit128 units $77.00 per unit200 units e $79.00 per unitMar. 25 PurchaseMar. 29 Sales160 units $112.00 per unitTotals820 units580 units3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. Forspecific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchese; theMarch 29 sale consisted of 40 units from the March 18 purchese and 120 units from the March 25 purchase.Complete this question by entering your answers in the tabs below.Perpetual FIFO Perpetual LIFOWeightedAverageSpecific IdCompute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventoryand 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.Specific Identification:Goode PurchasedCost of Goods SoldInventory Balance# ofuniteCoat# of unitasoldCostCoat of GoodeCostDate# of uniteInventory Balanceper unit$ 67.00 =per unitper unitSoldMarch 1100 @6,700.00March 5400 e100 a400 @$67.00-$72.00S72.006,700.0028,800.00S 35,500.00March 9$67.00$ 5,360.0020$ 67.001,340.00340 @$72.0024,480.0060 @$72.00=4,320.00%3DS 29,840.005.660.00March 18120 aS77.0020 @60 a$67.00 =1,340.00$72.00 =4,320.00120 @$77.00 =9,240.00S 14,900.00March 25200 @S79.0020 @$67.00 =1,340.00$72.00 =4,320.00120 a$77.00 =9,240.00200 a$ 79.00 =15,800.0030,700.000.0020 @60 @March 29$67.00$ 67.00 =1,340.00S72.005 72.00-577.00-0.004,320.00%3D40 a$77.003,080.0080 @6,160.009.480.00$ 12,560.00$ 79.006,320.0018,140.00120 @S79.0080%3DTotalsS 42,400.0018,140.00< Welghted Averagespecific id>

Under specific identification method, the goods sold are identified on the basis of prices or other…

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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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Required information Skip to question [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 210 units @ $53.20 per unit March 5 Purchase 280 units @ $58.20 per unit March 9 Sales 370 units @ $88.20 per unit March 18 Purchase 140 units @ $63.20 per unit March 25 Purchase 260 units @ $65.20 per unit March 29 Sales 240 units @ $98.20 per unit Totals 890 units 610 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 120 units from beginning inventory, 250 units from the March 5 purchase, 100 units from the March 18 purchase, and 140 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.
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Required Information [The following information applies to the questions dlisplayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchoses and seles transections for March. Date Activities LUnits Acquired at Cost 180 units @ $67.88 per unit 480 units e $72.08 per unit Linits Sold at Retail 1 Beginning inventory 5 Purchase 9 Sales Mar. Mar. Mar. 428 units e $182.00 per unit 120 units $77.00 per unit 208 units e $79.00 per unit Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 168 units e $112.00 per unit Totals 820 units 588 units 3. Compute the cost assigned to ending inventory using (0) FIFO, (b) LIFOo. (c) weighted overage, 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 purchese and 120 units from the March 25 purchase. Complete this question by entering your…
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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. Date March 1 March 5 March 9 March 18 March 25 March 29 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 85 units. @ $61.00 per unit 150 units @ $63.00 per unit. 560 units Units Sold at Retail 260 units @ $86.00 per unit 130 units @ $96.00 per unit 390 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 65 units from beginning inventory, 195 units from the March 5 purchase, 45 units from the March 18 purchase, and 85 units from the March 25 purchase.
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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@ $56.00 per unit 400 units@ $61.00 per unit Date Activities Units Sold at Retail 1 Beginning inventory 5 Purchase 9 Sales Mar. Mar. Mar. 420 units @ $91.00 per unit 120 units @ $66.00 per unit 200 units @ $68.00 per unit Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 160 units @ $101.00 per unit Totals 820 units 580 units 2. Compute the number of units in ending inventory. Ending inventory 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 Activities Units Acquired at Cost Units Sold at Retail March 1 March 5 Beginning inventory Purchase 250 units @ $54.00 per unit 300 units March 9 Sales March 18 Purchase March 25 Purchase 160 units 300 units @ $59.00 per unit $64.00 per unit 410 units @ $89.00 per unit @ $66.00 per unit March 29 Sales Totals 280 units $99.00 per unit 1,010 units 690 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 140 units from beginning inventory, 270 units from the March 5 purchase, 120 units from the March 18 purchase, and 160 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Gross Margin FIFO 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 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Perpetual FIFO |Perpetual LIFO Units Acquired at Cost 60 units @ $50.20 per unit 205 units @ $55.20 per unit Weighted Average 65 units 110 units Specific Id 440 units Complete this question by entering your answers in the tabs below. @ $60.20 per unit @ $62.20 per unit 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 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. Units Sold at Retail 220 units @ $85.20 per unit…
! 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 220 units @ $53.40 per unit 285 units @ $58.40 per unit Required: 1. Compute cost of goods available for sale and the number of units available for sale. 145 units @ $63.40 per unit 270 units @ $65.40 per unit # of units 920 units Cost of Goods Available for Sale Cost per Cost of Goods Available Unit for Sale Units Sold at Retail 380 units @ $88.40 per unit 250 units @ $98.40 per unit 630 units

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