Wanerwoods company uses a perpetual inventory system Return 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 transactionsfor March.ActivitiesUnits Acquired at Cost90 units @ $50.80 per unit220 units @ $55.80 per unitDateUnits Sold at Retail1 Beginning inventory5 Purchase9 SalesMar.• Mar.Mar.250 units @ $85.80 per unit80 units @ $60.80 per unit140 units @ $62.80 per unitMar. 18 PurchaseMar. 25 PurchaseMar. 29 Sales120 units @ $95.80 per unitTotals530 units370 unitsProblem 5-1A Part 33. 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 60 units from beginning inventory and 190 units from the March 5 purchase; theMarch 29 sale consisted of 40 units from the March 18 purchase and 80 units from the March 25 purchase.

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Description: Wanerwoods company uses a perpetual inventory system Return 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 trans

Lets understand all the methods in brief. FIFO method:- In this method, it is assumed by the…

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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Activities Date Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit 80 units@ $60.80 per unit 140 units @ $62.80 per unit 530 units Units Sold at Retail 250 units @ $85.80 per unit 120 units@ $95.80 per unit 370 units

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Activities Date Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit 80 units@ $60.80 per unit 140 units @ $62.80 per unit 530 units Units Sold at Retail 250 units @ $85.80 per unit 120 units@ $95.80 per unit 370 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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When using the perpetual system for inventory, the journal entry to record a purchase of inventory would include a O debit to accounts payable credit to the inventory account debit to the inventory account ○ debit to the purchases account O credit to the purchases account
Features of perpetual inventory system
Why is it important to periodically take a physical inventory when using a perpetual inventory system?
Describe in words the journal entries that are made ina perpetual inventory system when inventory is sold oncredit.
(True or false) Under the perpetual inventory system, on a work sheet, cost of sales will be shown in the trial balance (Dr), adjusted trial balance (Dr) and income statement (Dr) columns.
Under perpetual inventory system, on purchase of inventory Material account is debited. Any of the above accounts could be debited consistently. Purchase account is debited. Merchandise inventory account is debited.
Why do companies that use perpetual inventory systems alsotake an annual physical inventory? When is this physicalinventory usually taken? Why?
Show the effects of the labor and MOH costs through T-accounts for the company's inventory and Cost of Sales accounts. (For balances beginning/ending in O select "Beg. Bal." and "End Bal." for the date and O for the amounts for the balance of the account.) WIP Inventory FG Inventory ✓
(Multiple Choice) Detailed records of goods held for resale are maintained under a a. perpetual inventory system. b. periodic inventory system. c. double entry accounting system. d. single entry accounting system.
Under a periodic inventory system, closing entries will include Oa. debits to Sales, Purchases Returns and Allowances, and Purchases Discounts Ob. adjustments to Merchandise Inventory to match physical inventory Oc. credits to Purchases and Sales Discounts Od. All of these choices are correct.
Please give me an example picture of Posting/ Ledger in Periodic Inventory system.
The maintains a perpetual inventory systemDetermine the cost of goods sold for each sale and the inventory balance after each sale, assuming the lastin, firstout methodPresent the data in the form illustrated in Exhibit Under LIFOif units are in inventory at two or more different costsenter the units with the LOWER unit cost the Inventory Cost