**FIFO Perpetual Inventory System Analysis for March****Objective:** Calculate the value of inventory on hand as of March 31 and the cost of goods sold during March using the FIFO (First-In, First-Out) perpetual inventory system.**Transaction Details:**| Date | Description | Quantity and Unit Cost ||--------|---------------------|-------------------------------------------|| 01-Mar | Beginning Inventory | 50 units @ R15 per unit || 05-Mar | Purchase | 130 units @ R20 per unit || 09-Mar | Sale | 90 units @ R22 per unit || 11-Mar | Purchase | 39 units @ R16 per unit || 16-Mar | Purchase | 79 units @ R17 per unit || 20-Mar | Sale | 120 units @ R21 per unit || 29-Mar | Sale | 61 units @ R22 per unit |**Explanation:**1. **Beginning Inventory (01-Mar):** - 50 units @ R15 per unit2. **Purchase (05-Mar):** - 130 units @ R20 per unit3. **Sales (09-Mar):** - Sold 90 units at R22 per unit - According to FIFO, 50 units @ R15 (from beginning inventory) and 40 units @ R20 (from purchase on 05-Mar) are sold.4. **Purchases (11-Mar):** - 39 units @ R16 per unit5. **Purchases (16-Mar):** - 79 units @ R17 per unit6. **Sales (20-Mar):** - Sold 120 units at R21 per unit - According to FIFO, 90 units @ R20 (remaining from purchase on 05-Mar), and 30 units @ R16 (from purchase on 11-Mar) are sold.7. **Sales (29-Mar):** - Sold 61 units at R22 per unit - According to FIFO, 9 units @ R16 (remaining from purchase on 11-Mar), and 52 units @ R17 (from purchase on 16-Mar) are sold.**Calculation of Ending Inventory (as of 31-Mar):**- Units from purchases and remaining: - 27 units @ R17 (from purchase on 16-Mar)

Use the following information to calculate the value of inventory on hand on Mar 31 and cost of goods sold during March using FIFO perpetual inventory system. 01-Mar 11 16 20 29 Beginning Inventory Purchase Sale Purchase Purchase Sale Sale 50 units @ R15 per unit 130 units @20 per unit 90 units @ 22 per unit 39 units @ R16 per unit 79 units @ R17per unit 120 units @ R21 per unit 61 units @ R22 per unit

Use the following information to calculate the value of inventory on hand on Mar 31 and cost of goods sold during March using FIFO perpetual inventory system. 01-Mar 11 16 20 29 Beginning Inventory Purchase Sale Purchase Purchase Sale Sale 50 units @ R15 per unit 130 units @20 per unit 90 units @ 22 per unit 39 units @ R16 per unit 79 units @ R17per unit 120 units @ R21 per unit 61 units @ R22 per unit

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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Warnerwoods Company uses a periodic 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 Answer: Sales Totals Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit 80 140 units @ $60.80 per unit units @ $62.80 per unit 530 units Calculate the total cost of goods available for sale Units Sold at Retail 250 units @ $85.80 per unit 120 units 370 units @ $95.80 per unit
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
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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 Mar. 1 Beginning inventory 190 units @ $52.80 per unit Mar. 5 Purchase 270 units @ $57.80 per unit Mar. 9 Sales 350 units @ $87.80 per unit Mar. 18 Purchase 130 units @ $62.80 per unit Mar. 25 Purchase 240 units @ $64.80 per unit Mar. 29 Sales 220 units @ $97.80 per unit Totals 830 units 570 units Compute cost of goods available for sale and the number of units available for sale.
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