Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for
Question:
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail March Beginning inventory units @ $ per unit March Purchase units @ $ per unit March Sales units @ $ per unit March Purchase units @ $ per unit March Purchase units @ $ per unit March Sales units @ $ per unit Totals units units Required: Compute cost of goods available for sale and the number of units available for sale.
Compute the number of units in ending inventory.
Compute the cost assigned to ending inventory using a FIFO, b LIFO, c weighted average, and d specific identification. For specific identification, units sold include units from beginning inventory, units from the March purchase, units from the March purchase, and units from the March purchase.
Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include units from beginning inventory, units from the March purchase, units from the March purchase, and units from the March purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta