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 Total Beginning inventory Purchases: March 5 March 18 March 25 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals, Required: 1. Compute cost of goods available for sale and the number of units available for sale. Units Acquired at Cost 80 units @ $50.60 per unit 215 units @ $55.60 per unit # of units 75 units @ $60.60 per unit 130 units @ $62.60 per unit Cost per Unit 500 units Cost of Goods Available for Sale Cost of Goods Available for Sale Units Sold at Retail 240 units @ $85.60 per unit 110 units @ $95.60 per unit 350 units

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 Total Beginning inventory Purchases: March 5 March 18 March 25 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals, Required: 1. Compute cost of goods available for sale and the number of units available for sale. Units Acquired at Cost 80 units @ $50.60 per unit 215 units @ $55.60 per unit # of units 75 units @ $60.60 per unit 130 units @ $62.60 per unit Cost per Unit 500 units Cost of Goods Available for Sale Cost of Goods Available for Sale Units Sold at Retail 240 units @ $85.60 per unit 110 units @ $95.60 per unit 350 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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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 580 units @ $40 per unit February 10 Purchase 420 units @ $38 per unit March 13 Purchase 180 units @ $25 per unit March 15 Sales 755 units @ $70 per unit August 21 Purchase 190 units @ $45 per unit September 5 Purchase 560 units @ $41 per unit September 10 Sales 750 units @ $70 per unit Totals 1,930 units 1,505 units Required: Compute cost of goods available for sale and the number of units available for sale. Cost: I got 75170 Units:1930 Compute the number of units in ending inventory. I got 425 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 580 units from…
Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Units Acquired at Cost @$12.20 = Purchase @$17.20 = Sales Purchase @ $22.20 = Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Required: Hemming uses a perpetual inventory system. 255 units 410 units 455 units 155 units 1,275 units @ $27.20 $ 3,111 7,052 10,101 4,216 $ 24,480 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Units Sold at Retail 210 units 350 units 430 units 990 units @ $42.20 @ $42.20 @ $42.20
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