Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions...
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Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Date Activities Mar. 1 Beginning inventory har 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Problem 5-2AA Part 1 Total Beginning inventory Purchases: March 5 March 18 March 25 Units Acquired at Cost 115 units@ $50 per unit 415 units @ $55 per unit 150 units@ $60 per unit 230 units@ $62 per unit 910 units For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 385 units from the March 5 purchase; the March 29 sale consisted of 55 units from the March 18 purchase and 135 units from the March 25 purchase. of Units Required. 1. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale Units Sold at Retail Cost per Cost of Goods Available. for Sale Unit 435 units@ $85 per unit FAUTE 190 units@ $95 per unit 625 units Required information) Problem 5-2AA 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 Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Har. 29 Sales Totals Problem 5-2AA Part 2 Units Acquired at Cost 115 units@ $50 per unit 415 units@ $55 per unit Ending inventory 150 units@ $60 per unit 230 units@ $62 per unit units 910 units 2. Compute the number of units in ending inventory Sived For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 385 units from the March 5 purchase, the March 29 sale consisted of 55 units from the March 18 purchase and 135 units from the March 25 purchase. Units Sold at Retail 435 units@ $85 per unit 190 units@ $95 per unit 625 units Problem 5-2AA 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 Activities bate Mar 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar 29 Sales Totals Problem 5-2AA Part 3 Beginning inventory Purchases March 5 March 18 March 25 Total For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 385 units from the March 5 purchase; the March 29 safe consisted of 55 units from the March 18 purchase and 135 units from the March 25 purchase. b) Periodic LIFO 3. Compute the cost assigned to ending inventory using (a) FIFO, (b)LIFO, (c) weighted average, and (d) specific identification (Round your everage cost per unit to 2 decimal places.) a) Periodic FIFO Beginning inventory Purchases March 5 March 10 March 25 Total Units Acquired at Cost 115 units@ $50 per unit 415 units@ $55 per unt of units 150 units@ $60 per unit 230 units 162 per unit 910 units Cost of Goods Available for Sale Cost of Goods Available for Sale Cost per unit of units Cost of Goods Available for Sale Cost of Cost per Goods unit Available for Sale its Sold at tall 435 units@ $85 per unit of units Cost per sold unt 190 units@ $95 per unit 625 units Cost of Goods Sold HULLE of units Cost per sold unit Cost of Goods Sold Cost of Goods Sold Ending Inventory of units in ending inventory Cost per unit Ending Inventory Ending Inventory Cost of of units Cost per Goods in ending unit Sold inventory Ending Inventory d) Specific Identification Beginning inventory Purchases March 5 March 18 March 25 Total Cost of Goods Available for Sale Cost of Goods Available for Sale of units Cost per unit Cost of Goods Sold of units sold Cost per unit Cost of Goods Sold Ending Inventory #of units in ending inventory Cost per unit Ending Inventory Required Information Problem 5-2AA 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 Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Problem 5-2AA Part 4 Units Acquired at Cost 115 units@ $50 per unit 415 units@ $55 per unit Sales Less: Cost of goods sold Gross profit 150 units @ $60 per unit 230 units@ $62 per unit 910 units For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 385 units from the March 5 purchase; the March 29 sale consisted of 55 units from the March 18 purchase and 135 units from the March 25 purchase. FIFO 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.) LIFO Units Sold at Retail 435 units@ $85 per unit 190 units 395 per unit 625 units Weighted Average Specific Identification Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Date Activities Mar. 1 Beginning inventory har 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Problem 5-2AA Part 1 Total Beginning inventory Purchases: March 5 March 18 March 25 Units Acquired at Cost 115 units@ $50 per unit 415 units @ $55 per unit 150 units@ $60 per unit 230 units@ $62 per unit 910 units For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 385 units from the March 5 purchase; the March 29 sale consisted of 55 units from the March 18 purchase and 135 units from the March 25 purchase. of Units Required. 1. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale Units Sold at Retail Cost per Cost of Goods Available. for Sale Unit 435 units@ $85 per unit FAUTE 190 units@ $95 per unit 625 units Required information) Problem 5-2AA 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 Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Har. 29 Sales Totals Problem 5-2AA Part 2 Units Acquired at Cost 115 units@ $50 per unit 415 units@ $55 per unit Ending inventory 150 units@ $60 per unit 230 units@ $62 per unit units 910 units 2. Compute the number of units in ending inventory Sived For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 385 units from the March 5 purchase, the March 29 sale consisted of 55 units from the March 18 purchase and 135 units from the March 25 purchase. Units Sold at Retail 435 units@ $85 per unit 190 units@ $95 per unit 625 units Problem 5-2AA 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 Activities bate Mar 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar 29 Sales Totals Problem 5-2AA Part 3 Beginning inventory Purchases March 5 March 18 March 25 Total For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 385 units from the March 5 purchase; the March 29 safe consisted of 55 units from the March 18 purchase and 135 units from the March 25 purchase. b) Periodic LIFO 3. Compute the cost assigned to ending inventory using (a) FIFO, (b)LIFO, (c) weighted average, and (d) specific identification (Round your everage cost per unit to 2 decimal places.) a) Periodic FIFO Beginning inventory Purchases March 5 March 10 March 25 Total Units Acquired at Cost 115 units@ $50 per unit 415 units@ $55 per unt of units 150 units@ $60 per unit 230 units 162 per unit 910 units Cost of Goods Available for Sale Cost of Goods Available for Sale Cost per unit of units Cost of Goods Available for Sale Cost of Cost per Goods unit Available for Sale its Sold at tall 435 units@ $85 per unit of units Cost per sold unt 190 units@ $95 per unit 625 units Cost of Goods Sold HULLE of units Cost per sold unit Cost of Goods Sold Cost of Goods Sold Ending Inventory of units in ending inventory Cost per unit Ending Inventory Ending Inventory Cost of of units Cost per Goods in ending unit Sold inventory Ending Inventory d) Specific Identification Beginning inventory Purchases March 5 March 18 March 25 Total Cost of Goods Available for Sale Cost of Goods Available for Sale of units Cost per unit Cost of Goods Sold of units sold Cost per unit Cost of Goods Sold Ending Inventory #of units in ending inventory Cost per unit Ending Inventory Required Information Problem 5-2AA 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 Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Problem 5-2AA Part 4 Units Acquired at Cost 115 units@ $50 per unit 415 units@ $55 per unit Sales Less: Cost of goods sold Gross profit 150 units @ $60 per unit 230 units@ $62 per unit 910 units For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 385 units from the March 5 purchase; the March 29 sale consisted of 55 units from the March 18 purchase and 135 units from the March 25 purchase. FIFO 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.) LIFO Units Sold at Retail 435 units@ $85 per unit 190 units 395 per unit 625 units Weighted Average Specific Identification
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Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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