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Information: Warnerwoods Company uses a perpetual inventory system. It entered into the föllówing purchases and sales transactions for March. (For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consistec of 40 units from the March 18 purchase and 120 units from the March 25 purchase.) Units Sold at Retail Date Activities Units Acquired at Cost Mar. I Beginning inventory 100 units @ $50.00 per unit Mar. 5 Purchase. 400 units @ $55.00 per unit 420 units @ $85.00 per unit Mar. 9 Sales Mar. 18 Purchase. 120 units @ $60.00 per unit Mar. 25 Purchase. 200 units @ $62.00 per unit 160 units @ $95.00 per unit Mar. 29 Sales 820 units 580 units Totals Required 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory. 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and () snecific identification. (Round all amounts to dollars and cents.)

Information: Warnerwoods Company uses a perpetual inventory system. It entered into the föllówing purchases and sales transactions for March. (For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consistec of 40 units from the March 18 purchase and 120 units from the March 25 purchase.) Units Sold at Retail Date Activities Units Acquired at Cost Mar. I Beginning inventory 100 units @ $50.00 per unit Mar. 5 Purchase. 400 units @ $55.00 per unit 420 units @ $85.00 per unit Mar. 9 Sales Mar. 18 Purchase. 120 units @ $60.00 per unit Mar. 25 Purchase. 200 units @ $62.00 per unit 160 units @ $95.00 per unit Mar. 29 Sales 820 units 580 units Totals Required 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory. 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and () snecific identification. (Round all amounts to dollars and cents.)

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 11RE: Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year,...
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Information: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. (For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.) Units Sold at Retail Date Activities Units Acquired at Cost 100 units @ $50.00 per unit 400 units @ $55.00 per unit Mar. I Beginning inventory ... Mar. 5 Purchase. ... 420 units @ $85.00 per unit Mar. 9 Sales... Mar. 18 Purchase. 120 units @ $60.00 per unit Mar. 25 Purchase. 200 units @ $62.00 per unit 160 units @ $95.00 per unit Mar. 29 Sales .. 820 units 580 units Totals Required 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory. 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (Round all amounts to dollars and cents.) 30 4. Compute gross profit earned by the company for each of the four costing methods in part 3.
Transcribed Image Text:Information: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. (For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.) Units Sold at Retail Date Activities Units Acquired at Cost 100 units @ $50.00 per unit 400 units @ $55.00 per unit Mar. I Beginning inventory ... Mar. 5 Purchase. ... 420 units @ $85.00 per unit Mar. 9 Sales... Mar. 18 Purchase. 120 units @ $60.00 per unit Mar. 25 Purchase. 200 units @ $62.00 per unit 160 units @ $95.00 per unit Mar. 29 Sales .. 820 units 580 units Totals Required 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory. 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (Round all amounts to dollars and cents.) 30 4. Compute gross profit earned by the company for each of the four costing methods in part 3.
Information: Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. I Beginning inventory 200 units @ $IO = $ 2,000 Jan. 10 Sales.. 150 units $40 Mar. 14 Purchase 350 units @ $15 = 5,250 Mar. 15 Sales 300 units @ $40 July 30 Oct. 5 Purchase 450 units @ $20 = 9,000 Sales. 430 units @ $40 Oct 26 Purchase 100 units @ $25 2,500 %3D Totals 1,100 units $18,750 880 units Required Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO and (b) LIFO. Compute the gross margin for each method. (Round amounts to dollars and cents.)
Transcribed Image Text:Information: Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. I Beginning inventory 200 units @ $IO = $ 2,000 Jan. 10 Sales.. 150 units $40 Mar. 14 Purchase 350 units @ $15 = 5,250 Mar. 15 Sales 300 units @ $40 July 30 Oct. 5 Purchase 450 units @ $20 = 9,000 Sales. 430 units @ $40 Oct 26 Purchase 100 units @ $25 2,500 %3D Totals 1,100 units $18,750 880 units Required Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO and (b) LIFO. Compute the gross margin for each method. (Round amounts to dollars and cents.)
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