Question: just need help on 5-2A PROBLEM SET A Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for
PROBLEM SET A Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. (For specific identification, the March 9 sale consisted of 80 units from Problem5-1APromtheMarch18purchaseand120unitsfromtheMarch25purchase.)beginninginventoryand340unitsfromtheMarch5purchase;theMarch29saleconsistedof40units Perpetual: Altemative cost fows P1 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. Check risinaing inventoy 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) L.IFO, (c) weighted average, and (d) specific identification. (Round all amounts to cents.) (4) LFO gross proft,\$17,990 4. Compute gross profit earned by the company for each of the four costing methods in part 3. Problem 5-2AA Refer to the information in Problem 5-1A and assume the periodic inventory system is used. Periodic: Alternative Required P3 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. 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (Round all amounts to cents.) 4. Compute gross profit earned by the company for each of the four costing methods in part 3
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