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 Beginning inventory Purchase Sales Purchase Purchase Sales Totals Sales Less Cost of goods sold Gross profit FIFO Units Acquired at Cost 240 units @ $53.80 per unit 295 units @ $58.80 per unit LIFO 155 units 290 units 980 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 135 units from beginning inventory, 265 units from the March 5 purchase, 115 units from the March 18 purchase, and 155 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. @ $63.80 per unit @ $65.80 per unit Weighted Average Units Sold at Retail Specific ID 400 units @ $88.80 per unit 270 units @ $98.80 per unit 670 units 4

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 Beginning inventory Purchase Sales Purchase Purchase Sales Totals Sales Less Cost of goods sold Gross profit FIFO Units Acquired at Cost 240 units @ $53.80 per unit 295 units @ $58.80 per unit LIFO 155 units 290 units 980 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 135 units from beginning inventory, 265 units from the March 5 purchase, 115 units from the March 18 purchase, and 155 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. @ $63.80 per unit @ $65.80 per unit Weighted Average Units Sold at Retail Specific ID 400 units @ $88.80 per unit 270 units @ $98.80 per unit 670 units 4

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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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…
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…
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 70 units @ $50.40 per unit 210 units @ $55.40 per unit 70 units @ $60.40 per unit 120 units @ $62.40 per unit 470 units Units Sold at Retail 230 units @ $85.40 per unit 100 units @ $95.40 per unit 330 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 50 units from beginning inventory, 180 units from the March 5 purchase, 30 units from the March 18 purchase, and 70 units from the March 25 purchase.
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 700 units @ $50 per unit February 10 Purchase 300 units @ $46 per unit March 13 Purchase 100 units @ $40 per unit March 15 Sales 780 units @ $70 per unit August 21 Purchase 110 units @ $55 per unit September 5 Purchase 570 units @ $52 per unit September 10 Sales 680 units @ $70 per unit Totals 1,780 units 1,460 units Required:1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (For specific identification, units sold consist of 700 units from beginning inventory, 200 from the February…
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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.
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…
During the year, TRC Corporation has the following inventory transactions. Date Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Weighted Average Cost Total Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Transaction Sales revenue Gross profit For the entire year, the company sells 450 units of inventory for $70 each. 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.) Number of Units 60 140 210 120 530 Cost of Goods Available for Sale # of units 60 140 210 120 530 Average Cost per unit Cost of Goods Available for Sale $ $ Unit Cost 3,120 $ 52 54 57 58 7,560 11,970 6.960 29,610 Total Cost $ 3,120 7,560 11,970 6,960 $29,610 Cost of Goods Sold - Weighted Average Cost of units Sold Average Cost of Cost per Unit Goods Sold Ending Inventory - Weighted Average Cost # of units in Ending Inventory…
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