Required Information[The following information applies to the questions displayed below.]Wernerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactionsfor March.ActivitiesUnits Sold at RetailUnits Acquired at Cost100 units e $67.00 per unit400 units e $72.00 per unitDate1 Beginning iventoryMar.Mar. 5 PurchaseMar, 9 SalesMar. 18 PurchaseMar. 25 PurchaseMar. 29 Sales428 units e $182.00 per unit120 units e $77.00 per unit200 units e $79.00 per unit168 unitse $112.80 per unitTotals82e units588 units4. Compute gross profit esmed by the company for each of the four costing methods. For specific identification, the March 9 saleconsisted of 80 units from beginning inventory and 340 units from the March 5 purchese; the March 29 sale consisted of 40 units fromthe March 18 purchase and 120 units from the March 25 purchose. (Round welghted average cost per unit to two decimals and finalanswers to nearest whole dollar.)Gross MarginFIFOLIFOAvg. CosetSpec. IDSalesLess: Cost of goods soldGross profit

GROSS MARGIN Gross Margin FIFO LIFO Avg. Cost Spec. ID. Sales $ 60,760 $ 60,760 $…

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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 [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
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)
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…
compute the number of units in ending inventory
Required information [The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 310 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 280 $ 2.60 60 2.80 100 2.94 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) Weighted Average - Perpetual: Cost of Goods Sold Goods purchased Inventory Balance Date # of Cost per unit Cost per unit Cost of Goods Sold # of units units sold Cost per unit Inventory Balance # of units January 1 January 9 Average cost January 9 January 25
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.
Purchase-related transactions using perpetual inventory systemThe following selected transactions were completed by Capers Companyduring October of the current year: InstructionsJournalize the entries to record the transactions of Capers Company forOctober.
Required information Skip to question Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Total Cost Beginning inventory (Jan. 1) 23 $ 14 $ 322 Purchase (Jan. 11) 15 $ 20 300 Purchase (Jan. 20) 26 $ 22 572 Total 64 $ 1,194 On January 14, Beech Soda, Inc. sold 28 units of this product. The other 36 units remained in inventory at January 31.
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.…

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