Marrn u CRIA ConciCTOn Or h TiniTC Trom TnA Marcn Tx NiirrnacA ann n iniTC Trnm Tne Marcn n ni irrnacARequired informationn beginninginventory ana 185 units trom tne Marcn ɔ purcnase; tne Marcn 29 saie consistea or sɔ units rrom tne marcn 18 purcnase ana /5 units trom tne March 25 purchase.Specific Identification:Goods PurchasedCostCost of Goods SoldCostInventory BalanceCost# ofunits# of unitssoldCost of GoodsSoldInventoryBalanceDate# of unitsperunitperperunitunitMarch 18050.00S 4,048.00215 Oe$ 2,783.0055 O e185 O eMarch 550.60=55.80 O10,286.0055.60$ 13,069.00IS50.80March 9IS0.00=50.600.00%3D55.6055.60March 1875 Oe60.8050.80IS55.60IS80.6035 O e2.121.00S 2,121.00130 Oe 82.80 OIS50.80March 2562.6055.6060.80IS62.6075 Oe4,695.00S 4,695.00March 295550.60S 2,783.0050.60IS55.8018510,288.0055.6035 Oe2,121.0080.80%3D60.6082,8060.60IS62.6075 Oe4,695.0062.60IS19,885.00IS19,885.00Totals< Weighted AverageSpecific Id>*Red test indicates no response was expected in a call or a formula-based calculation is incorrea; no points deducted. 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 transactionsfor March.DateMar. 1 Beginning inventoryMar. 5 PurchaseMar. 9 SalesUnits Acquired at Cost80 units e $50.60 per unit215 units e $55.60 per unitActivitiesUnits Sold at Retail240 unitse $85.60 per unitMar. 18 Purchase75 units e $6e.60 per unit130 units e $62.60 per unitMar. 25 PurchaseMar. 29 Sales118 units e $95.60 per unitTotalssee units350 units3. Compute the cost assigned to ending Inventory using (a) FIFO. (b) LIFO. (C) welghted average, and (d) specific Identification. Forspecific Identification, the March 9 sale consisted of 55 units from beginning Inventory and 185 units from the March 5 purchase; theMarch 29 sale consisted of 35 units from the March 18 purchase and 75 units from the March 25 purchase.Complete this question by entering your answers in the tabs below.Perpetual FIFO Perpetual LIFOWeightedAverageSpecific IdCompute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 55 units from beginninginventory and 185 units from the March 5 purchase; the March 29 sale consisted of 35 units from the March 18 purchase and 75 units from the March 25 purchase.Specific Identification:Goods PurchasedCostCost of Goods SoldInventory BalanceCostCost# ofunits# of unitssoldCost of GoodsSoldInventoryBalanceDateperper# of unitsperunitunitunitMarch 1$ 4,048.008050.80IS50.60IS55.60215OeIS55.6055 O@S 2,783.00March 5185 Oe10,286.00S 13,060.00March 950.60IS0.0050.800.0055.6055.80March 1875 OeIS60.8050.0050.6055.0

Under specific identification, the goods are specially identified from the goods available for sale…

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Cornerstones of Financial Accounting

4th Edition

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Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 67APSA: Inventory Costing Methods Andersons Department Store has the following data for inventory,...

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Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the following data available for inventory, purchases, and sales for a recent year. Required: 1. Compute the cost of ending inventory and the cost of goods sold using the specific identification method. Assume the ending inventory is made up of 40 units from beginning inventory, 30 units from Purchase 1, 80 units from Purchase 2, and 40 units from Purchase 3. 2. Compute the cost of ending inventory and cost of goods sold using the FIFO inventory costing method. 3. Compute the cost of ending inventory and cost of goods sold using the LIFO inventory costing method. 4. Compute the cost of ending inventory and cost of goods sold using the average cost inventory costing method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 5. CONCEPTUAL CONNECTION Compare the ending inventory and cost of goods sold computed under all four methods. What can you conclude about the effects of the inventory costing methods on the balance sheet and the income statement?
FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. 2. Determine the total sales and the total cost of goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost on June 30. 5. Based upon the preceding data, would you expect the ending inventory using the last-in, first-out method to be higher or lower?
Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500
Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
PERPETUAL: LIFO AND MOVING-AVERAGE Kelley Company began business on January 1, 20-1. Purchases and sales during the month of January follow. REQUIRED Calculate the total amount to be assigned to cost of goods sold for January and the ending inventory on January 31, under each of the following methods: 1. Perpetual LIFO inventory method. 2. Perpetual moving-average inventory method.
The moving average inventory cost flow assumption is applicable to which of the following inventory systems? Questions M7-6 and M7-7 are based on the following data: City Stationers Inc. had 200 calculators on hand on January 1, 2019, costing 18 each. Purchases and sales of calculators during the month of January were as follows: City uses a periodic inventory system. According to a physical count, 150 calculators were on hand at January 31, 2019.
Inventory Costing Methods Andersons Department Store has the following data for inventory, purchases, and sales of merchandise for December. Andersons uses a perpetual inventory system. All purchases and sales were for cash. Required: 1. Compute cost of goods sold and the cost of ending inventory using FIFO. 2. Compute cost of goods sold and the cost of ending inventory using LIFO. 3. Compute cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations.) 4. Prepare the journal entries to record these transactions assuming Anderson chooses to use the FIFO method. 5. CONCEPTUAL CONNECTION Which method would result in the lowest amount paid for taxes?
Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December. RE7-11 Using the information from RE7-10, calculate Jessie Storess inventory on December 31 and its cost of goods sold for December using the LIFO method.
LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 6-1B. Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost on June 30.
RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johnsons purchases on October 23 and the subsequent payment on October 31. Using the information from RE7-8, prepare journal entries to record Johnsons purchase on October 23 and the subsequent payment on November 30.
Calculate the cost of goods sold dollar value for A65 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).

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