Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions...
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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 Harch 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 190 units @ $52.80 per unit. 270 units @ $57.80 per unit 130 unita 240 units 830 units # $62.80 per unit $64.80 per unit Units Sold at Retail 350 units $87.80 per unit 220 units # $97.80 per unit 570 units 3. Compute the cost assigned to ending inventory using (a) FIFO. (b) LIFO, (c) weighted average, and (c) specific identification. For specific identification, units sold include 110 units from beginning inventory, 240 units from the March 5 purchase, 90 units from the March 18 purchase, and 130 units from the March 25 purchase. Compute the cost assigned to ending inventory using FIFO. March 1 March 5 Total March 5 March 9 Total March March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Total Goods Purchased #of units 270 a 130 at Cost per unit $57.80 $62.80 240 at 564 80 of units sold Perpetual FIFO Cost of Goods Sold Cost per unit 100 at 160 at Cost of Goods Sold $52.80 . S 10,032.00 $57.80 . $ 9,248.00 19.280.00 S 10.200.00 Inventory Balance Cost per unit $52.80- of units 100 at 190 at 270 at o at 160 at 0 at at 130 at o at at at at $52.80- $57.80- $52.80 1.57 80 $52.80 $57.80 $62.80 $52.80 $57.80 562.80 $64.00 Perpetual LIFO > Inventory Balance $10.032.00 $ 10,032.00 15,600.00 $ 25,638.00 0,248.00 $ 9,248.00 8,164.00 $ 8,164.00 Weighted Average Compute the cost assigned to ending inventory using LIFO. Perpetual FIFO Perpetual LIFO Date March 1 March 5, Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals Goods Purchased of units Cost per unit Specific Id of units sold Perpetual LIFO: Cost of Goods Sold Cost per unit Cost of Goods Sold S < Perpetual FIFO 0.00 of units Inventory Balance Cost per unit 100 at $ 52.80- Weighted Average > Inventory Balance $ 10,032.00 4 4 inces 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (d) weighted average, and (d) specific identification. For specific Identification, units sold include 110 units from beginning inventory, 240 units from the March 5 purchase, 90 units from the March 18 purchase, and 130 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual Compute the cost assigned to ending inventory using weighted average. Note: Round your average cost per unit to 2 decimal places. Date March 1 March 5 Average March 5 March 9 March 18 Average March 18 March 25 Average March 25 March 29 Totals Weighted Average LIFO Goods Purchased of units Cost per unit Specific id of units sold Weighted Average Perpetual: Cost of Goors Sold Cost per unit Cost of Goods Sold < Perpetual LIFO 0.00 of units 190 at Inventory Balance Cost per unit $ Specific ld > Inventory Balance $ 10,032.00 52.80- Required information [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 March 1 Hatch S Harch 9 March 18 March 25 March 23 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Date March 1 March 5 March 18 March 25 Total Weighted Average Goods Available for Sale Complete this question by entering your answers in the tabs below. of units 0 Units Acquired at Cost 3. Compute the cost assigned to ending inventory using (a) FIFO, () LIFO, (d weighted average, and (d) specific identification. For specific identification, units sold include 110 units from beginning inventory, 240 units from the March 5 purchase, 90 units from the March 18 purchase, and 130 units from the March 25 purchase. Cost per unit 190 units 270 units 130 units 240 units S 830 unit Perpetual FIFO Perpetual LIFO Specific Id Compute the cost assigned to ending inventory using specific identification. For specific Identification, units sold include 110 units from beginning inventory, 240 units from the March 5 purchase, 90 units from the March 18 purchase, and 130 units from the March 25 purchase. $ Cost of Goods Avaliable for $52.80 per unit $57.80 per unit $62.00 per unit 554.80 per unit Specific Identification 0 0 0 0 0 Cest of Goods Sold of units Cest per sold unt S < Weighted Average Cost of Goods Sold 0 0 0 0.00 $ 0.00 0.00 Unita Sold at Retall $ 350 units $87.00 per unit 0 220 units $97.00 per unit 570 unite Ending Inventory Cost per unit $ of units In ending Inventory 0 Ending Inventory 0.00 $ 0.00 0.00 0.00 S 0 D 10 0 0 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 Harch 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 190 units @ $52.80 per unit. 270 units @ $57.80 per unit 130 unita 240 units 830 units # $62.80 per unit $64.80 per unit Units Sold at Retail 350 units $87.80 per unit 220 units # $97.80 per unit 570 units 3. Compute the cost assigned to ending inventory using (a) FIFO. (b) LIFO, (c) weighted average, and (c) specific identification. For specific identification, units sold include 110 units from beginning inventory, 240 units from the March 5 purchase, 90 units from the March 18 purchase, and 130 units from the March 25 purchase. Compute the cost assigned to ending inventory using FIFO. March 1 March 5 Total March 5 March 9 Total March March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Total Goods Purchased #of units 270 a 130 at Cost per unit $57.80 $62.80 240 at 564 80 of units sold Perpetual FIFO Cost of Goods Sold Cost per unit 100 at 160 at Cost of Goods Sold $52.80 . S 10,032.00 $57.80 . $ 9,248.00 19.280.00 S 10.200.00 Inventory Balance Cost per unit $52.80- of units 100 at 190 at 270 at o at 160 at 0 at at 130 at o at at at at $52.80- $57.80- $52.80 1.57 80 $52.80 $57.80 $62.80 $52.80 $57.80 562.80 $64.00 Perpetual LIFO > Inventory Balance $10.032.00 $ 10,032.00 15,600.00 $ 25,638.00 0,248.00 $ 9,248.00 8,164.00 $ 8,164.00 Weighted Average Compute the cost assigned to ending inventory using LIFO. Perpetual FIFO Perpetual LIFO Date March 1 March 5, Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals Goods Purchased of units Cost per unit Specific Id of units sold Perpetual LIFO: Cost of Goods Sold Cost per unit Cost of Goods Sold S < Perpetual FIFO 0.00 of units Inventory Balance Cost per unit 100 at $ 52.80- Weighted Average > Inventory Balance $ 10,032.00 4 4 inces 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (d) weighted average, and (d) specific identification. For specific Identification, units sold include 110 units from beginning inventory, 240 units from the March 5 purchase, 90 units from the March 18 purchase, and 130 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual Compute the cost assigned to ending inventory using weighted average. Note: Round your average cost per unit to 2 decimal places. Date March 1 March 5 Average March 5 March 9 March 18 Average March 18 March 25 Average March 25 March 29 Totals Weighted Average LIFO Goods Purchased of units Cost per unit Specific id of units sold Weighted Average Perpetual: Cost of Goors Sold Cost per unit Cost of Goods Sold < Perpetual LIFO 0.00 of units 190 at Inventory Balance Cost per unit $ Specific ld > Inventory Balance $ 10,032.00 52.80- Required information [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 March 1 Hatch S Harch 9 March 18 March 25 March 23 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Date March 1 March 5 March 18 March 25 Total Weighted Average Goods Available for Sale Complete this question by entering your answers in the tabs below. of units 0 Units Acquired at Cost 3. Compute the cost assigned to ending inventory using (a) FIFO, () LIFO, (d weighted average, and (d) specific identification. For specific identification, units sold include 110 units from beginning inventory, 240 units from the March 5 purchase, 90 units from the March 18 purchase, and 130 units from the March 25 purchase. Cost per unit 190 units 270 units 130 units 240 units S 830 unit Perpetual FIFO Perpetual LIFO Specific Id Compute the cost assigned to ending inventory using specific identification. For specific Identification, units sold include 110 units from beginning inventory, 240 units from the March 5 purchase, 90 units from the March 18 purchase, and 130 units from the March 25 purchase. $ Cost of Goods Avaliable for $52.80 per unit $57.80 per unit $62.00 per unit 554.80 per unit Specific Identification 0 0 0 0 0 Cest of Goods Sold of units Cest per sold unt S < Weighted Average Cost of Goods Sold 0 0 0 0.00 $ 0.00 0.00 Unita Sold at Retall $ 350 units $87.00 per unit 0 220 units $97.00 per unit 570 unite Ending Inventory Cost per unit $ of units In ending Inventory 0 Ending Inventory 0.00 $ 0.00 0.00 0.00 S 0 D 10 0 0
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Computation of ending inventory COGS under FIFO Warnerwoods Co Date Beginning Inventory Purchase Cost of Goods Sold Ending Inventory Qty Rate Amount Qty Rate Amount Qty Rate Amount Qty Rate Amount 01M... View the full answer
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
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