ers 4-5 iSavedHelpSave & ExitSubmit[The following information applies to the questions displayed below.]Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and salestransactions for March.DateActivitiesUnits Acquired at Cost110 units@ $51.20 per unit230 units@ $56.20 per unitTonitSold at RetailMar. 1 Beginning inventoryMar. 5 PurchaseMar. 9 SalesMar. 18 Purchase270 units@ $86.20 per unit90 units@ $61.20 per unit160 units@ $63.20 per unitMar. 25 PurchaseMar. 29 Sales140 units@ $96.20 per unitTotals590 units410 units4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9sale consisted of 70 units from beginning inventory and 200 units from the March 5 purchase; the March 29 sale consisted of50 units from the March 18 purchase and 90 units from the March 25 purchase. (Round weighted average cost per unit to twodecimals and final answers to nearest whole dollar.)Gross MarginFIFOLIFOAvg. CostSpec. IDSalesLess: Cost of goods soldGross profitNextPrey20of 20111

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Description: ers 4-5 iSavedHelpSave & ExitSubmit[The following information applies to the questions displayed below.]Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and salestransactions for March.DateActivitiesUnit

The FIFO method stands for First in first out, where older inventory is sold first. The LIFO method…

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4-5 Saved Help Save & Exit Submit [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the folowing purchases and sales transactions for March. Activities Sold at Retail Units Acquired at Cost 110 units@ $51.20 per unit 230 units@ $56.20 per unit Date Mar. 1 Beginning inventory 5 Purchase 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Mar. Mar. 270nits@ $86.20 per unit 90 units@ $61.20 per unit 160 units@ $63.20 per unit 140 units@ $96.20 per unit 590 units 410 units Totals

4-5 Saved Help Save & Exit Submit [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the folowing purchases and sales transactions for March. Activities Sold at Retail Units Acquired at Cost 110 units@ $51.20 per unit 230 units@ $56.20 per unit Date Mar. 1 Beginning inventory 5 Purchase 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Mar. Mar. 270nits@ $86.20 per unit 90 units@ $61.20 per unit 160 units@ $63.20 per unit 140 units@ $96.20 per unit 590 units 410 units Totals

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Inventories

Section: Chapter Questions

Problem 6.5BE: Periodic inventory using FIFO, UFO, and weighted average cost methods The units of an item available...

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Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 175 units at 30 7 Sale 155 units 15 Purchase 200 units at 33 24 Sale 140 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (A) the cost of goods sold on October 24 and (B) the inventory on October 31.
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( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
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Periodic inventory accounts, multiple-step income statement, closing entries On June 30, 20Y9, the balances of the accounts appearing in the ledger of Simkins Company are as follows: Instructions 1. Does Simkins Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Simkins Company for the year ended June 30. 20Y9. The inventory as of June 30, 20Y9. was 308,000. The estimated cost of customer returns inventory for June 30, 20Y9, is estimated to increase to 33,000. 3. Prepare the closing entries for Simkins Company as of June 30. 20Y9- 4. What would be the net income if the perpetual inventory system had been used?