Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 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. Activities Date Units Acquired at Cost 240 units $53.80 per unit 295 units $58.80 per unit Units Sold at Retail 1 Beginning inventory 5 Purchase Mar. Mar. Mar. 9 Sales 400 units $88.80 per unit 155 units $63.80 per unit 290 units $65.80 per unit Mar. 18 Purchase Mar. 25 Purchase 270 units $98.80 per unit Mar. 29 Sales Totals 980 units 670 units Problem 6-1A Part 1 Problem 6-1A Part 1 Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale Cost of Goods Available for Sale Cost per Unit #of units Beginning inventory Purchases: March 5 March 18 March 25 Total 1 23 4 of 8 Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 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 240 units $53.80 per unit 295 units $58.80 per unit Units Sold at Retail 1 Beginning inventory 5 Purchase 9 Sales Mar. Mar. Mar. 400 units $88.80 per unit Mar. 18 Purchase 155 units $63.80 per unit 290 units e $65.80 per unit Mar. 25 Purchase Mar. 29 Sales 270 units $98.80 per unit Totals 980 units 670 units Problem 6-1A Part 2 Co 2 3 4 of 8 st Saved Activities Units Acquired at Cost 240 units $53.80 per unit 295 units $58.80 per unit Date Units Sold at Re 1 Beginning inventory Mar. 5 Purchase Mar. Mar. 9 Sales $88.80 p 400 units 155 units $63.80 per unit 290 units $65.80 per unit Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 270 units @$98. 80 pe Totals 980 units 670 units Problem 6-1A Part 2 2. Compute the number of units in ending inventory units Ending inventory CD (Prev 2 3 4 of 8 Next> Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 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 240 units $53.80 per unit 295 units $58.80 per unit Units Sold at Retail 1 Beginning inventory 5 Purchase 9 Sales Mar Mar. Mar. Mar. 18 Purchase 400 units $88.80 per unit 155 units e $63.80 per unit 290 units $65.80 per unit Mar. 25 Purchase 270 units $98.80 per unit Mar. 29 Sales Totals 980 units 670 units Problem 6-1A Part 3 Problem 6-1A Part 3 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 135 units from beginning inventory and 265 units from the March 5 purchase; the March 29 sale consisted of 115 units from the March 18 purchase and 155 units from the March 25 purchase. Complete this question by entering your answers in the ta bs below. Weighted Average Perpetual FIFO Perpetual LIFO Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual EIFO: Goods Purchased Inventory Balance Cost of Goods Sold # of Cost per unit # of units Cost per Cost per unit Inventory Balance Cost of Goods Sold Date # of units units sold unit 240 e 12 012 0n Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 (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 240 units e $53.80 per unit 295 units $58.80 per unit Units Sold at Retail 1 Beginning inventory 5 Purchase ar. Nar. Mar. 9 Sales 400 units $88.80 per unit Mar. 18 Purchase Mar. 25 Purchase 155 units $63.80 per unit 290 units e $65.80 per unit Mar. 29 Sales 270 units e $98.80 per unit Totals 980 units 670 units Problem 6-1A Part 4 of 8 m Required information Problem 6-2AA Part 1 Required. 1. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale Cost per Cost of Goods Available for Sale #of Units Unit Beginning inventory Purchases March 5 March 18 March 25 Total 5 8 of 8 Required information Problem 6-2AA Periodic: Alternative cost flows LO P3 (The following information applies to the questions displayed below] Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date Activities 1 Beginning inventory Units Acquired at Cost 130 units $65 per unit Units Sold at Retail Mar. Mar. 5 Purchase 9 Sales Mar. 18 Purchase Mar. 25 Purchase 430 units $70 per unit Mar. 450 units $100 per unit 180 units $75 per unit 260 units e $77 per unit Mar. 29 Sales 220 units $110 per unit Totals 1,000 units 670 units For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 380 units from the March 5 purchase; the March 29 sale consisted of 70 units from the March 18 purchase and 150 units from the March 25 purchase. Required information Problem 6-2AA Periodic: Alternative cost flows LO P3 (The following information applies to the questions displayed below Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost 130 units $65 per unit 430 units $70 per unit Units Sold at Retail Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales 450 units $100 per unit Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 180 units $75 per unit 260 units $77 per unit 220 units e $110 per unit Totals 1,000 units 670 units For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 380 units from the March 5 purchase; the March 29 sale consisted of 70 units from the March 18 purchase and 150 units from the March 25 purchase. of 8 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c)weighted average, and (d) specific identification. (Round your average cost per unit to 2 decimal places.) 4 a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of s of units in ending inventory Cost per Cost of Goods Sold #of units Goods Available for Sale Cost per unit # of units Cost per Ending Inventory unit sold unit Beginning inventory Purchases: March 5 March 18 March 25 Total b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available # of units in ending Cost of Goods Cost per unit Cost per unit of units sold Cost per # of units Ending Inventory unit of 8 Prev Check my work irnases Required information March 25 Total c) Average Cost Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Average #of units Cost per #of units Average Average Cost per Unit Cost of Goods Ending Inventory # of units in ending Cost per Available for Sale sold inventory unit Sold unit Beginning inventory Purchases: March 5 March 18 March 25 Total d) Specific Identification Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost of Goods Sold #of units in ending inventory Cost per unit Cost per unit Ending Inventory #of units Cost per unit Goods Available for Sale #of units sold Next> 8 of 8 Check my work Required information Problem 6-2AA Part 4 4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar.) Weighted Average Specific Identification LIFO FIFO Sales Less: Cost of goods sold Gross profit 8 of 8 Next