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Required information [The following information applies to the questions displayed below) Warnerwoods Company uses a periodic lInventory system. it entered into the following purchases and sales transactions for March. Date ACtivaties Uits Acouired at Cost 170 units se per unit 470 units ses jer unit Uits Sold at Retall Mar. I beginning inventory Mar. S Purchase Mar. Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 400 unitse ss per unit 200 unitse S per unit 340 units 2 jer unit ,240 units 100 unitse sies per unit 790 units Totals For specific identification, the March 9 sale consisted of 90 units from beginning inventory and 400 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 190 units from the March 25 purchase. 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (C) weighted average, and (a) specific identification. (Round your average cost per unit to 2 decimal places.)

Required information [The following information applies to the questions displayed below) Warnerwoods Company uses a periodic lInventory system. it entered into the following purchases and sales transactions for March. Date ACtivaties Uits Acouired at Cost 170 units se per unit 470 units ses jer unit Uits Sold at Retall Mar. I beginning inventory Mar. S Purchase Mar. Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 400 unitse ss per unit 200 unitse S per unit 340 units 2 jer unit ,240 units 100 unitse sies per unit 790 units Totals For specific identification, the March 9 sale consisted of 90 units from beginning inventory and 400 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 190 units from the March 25 purchase. 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (C) weighted average, and (a) specific identification. (Round your average cost per unit to 2 decimal places.)

Century 21 Accounting General Journal
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 2AP
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Required information s 0.00 470 Os 65.00 O 260 Os 70.00 O 340 Os 72.00 O 470 Os 65.00 150 OS 70.00 March 5 30,550 30,550 18,200 110 Os 70.00 340 Os 72.00 March 18 10,500 7,700 March 25 24,480 24,480 $ 83,430 IS 51,250 S 32,180 Total 1,240 790 450 b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available Cost of Goods Sold # of units in ending inventory # of # of units Cost Cost Cost units sold Ending Inventory per unit per unit per unit for Sale Beginning inventory 170 S 80.00 $ 10,200 170 OS 60.00 S 10,200 Purchases: s 65.00 s 70.00 s 72.00 190 OS 65.00 280 OS 70.00 March 5 470 30,550 12,350 280 O 65.00 18.200 March 18 260 18,200 18,200 340 Os 72.00 IS 55,030 March 25 340 24,480 24,480 Total 1,240 $ 83,430 790 450 S 28,400 c) Average Cost | Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Average Cost Cost of Goods Available Cost of # of # of units units sold Average Cost Goods Sold # of units in ending inventory Average Cost per unit Ending Inventory per unit per Unit for Sale Beginning inventory 170 $ 10,200 Purchases: March 5 470 30,550 March 18 260 18,200 March 25 340 24,480 Total 1,240 Os 83,430 790 Os 67.28 O 450 Os 67.28 Os 30,276 53,151 d) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per unit # of units Cost per unit # of units in ending inventory Cost Ending Inventory per unit sold s 80.00 Os 0.00 Beginning inventory Purchases: 170 $ 10,200 IS *$ 60.00 IS s 65.00 s 70.00 Os 65.00 Os 70.00 Os 72.00 March 5 O$ 85.00 Os 70.00 470 30,550 March 18 260 18,200 March 25 340 S 72.00 24,480 8$ 72.00 Total 1,240 $ 83,430 *Red text indicates no reiponse was expected in a call ar a formula-based calculation is incorrect; no points deducted.
Transcribed Image Text:Required information s 0.00 470 Os 65.00 O 260 Os 70.00 O 340 Os 72.00 O 470 Os 65.00 150 OS 70.00 March 5 30,550 30,550 18,200 110 Os 70.00 340 Os 72.00 March 18 10,500 7,700 March 25 24,480 24,480 $ 83,430 IS 51,250 S 32,180 Total 1,240 790 450 b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available Cost of Goods Sold # of units in ending inventory # of # of units Cost Cost Cost units sold Ending Inventory per unit per unit per unit for Sale Beginning inventory 170 S 80.00 $ 10,200 170 OS 60.00 S 10,200 Purchases: s 65.00 s 70.00 s 72.00 190 OS 65.00 280 OS 70.00 March 5 470 30,550 12,350 280 O 65.00 18.200 March 18 260 18,200 18,200 340 Os 72.00 IS 55,030 March 25 340 24,480 24,480 Total 1,240 $ 83,430 790 450 S 28,400 c) Average Cost | Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Average Cost Cost of Goods Available Cost of # of # of units units sold Average Cost Goods Sold # of units in ending inventory Average Cost per unit Ending Inventory per unit per Unit for Sale Beginning inventory 170 $ 10,200 Purchases: March 5 470 30,550 March 18 260 18,200 March 25 340 24,480 Total 1,240 Os 83,430 790 Os 67.28 O 450 Os 67.28 Os 30,276 53,151 d) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per unit # of units Cost per unit # of units in ending inventory Cost Ending Inventory per unit sold s 80.00 Os 0.00 Beginning inventory Purchases: 170 $ 10,200 IS *$ 60.00 IS s 65.00 s 70.00 Os 65.00 Os 70.00 Os 72.00 March 5 O$ 85.00 Os 70.00 470 30,550 March 18 260 18,200 March 25 340 S 72.00 24,480 8$ 72.00 Total 1,240 $ 83,430 *Red text indicates no reiponse was expected in a call ar a formula-based calculation is incorrect; no points deducted.
Reguired information [The following information applies to the questions clisplayed below.] Warnerwoods Company uses a perlodic Inventory system. It entered Into the following purchases and sales transactions for March. Units Acquired at Cost 178 units e $6e per unit 470 units e $65 per unit Date Activities Units Sold at Retail Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase 490 units e $95 per unit 260 units e $7e per unit 340 units e $72 per unit Mar. 25 Purchase Mar. 29 Sales 300 units e $1e5 per unit Totals 1,240 units 790 units For specific Identification, the March 9 sale consisted of 90 units from beginning Inventory and 400 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 190 units from the March 25 purchase. 3. Compute the cost assigned to ending Inventory using (a) FIFO. (b) LIFO. (C) weighted average, and (d) specific Identification. (Round your average cost per unit to 2 decimal places.) a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Cost of # of # of units # of units Cost Cost Cost Available for Sale units sold Goods Sold in ending inventory Ending Inventory per unit per unit per unit Beginning inventory 170 O S 80.00 O$ 170 Os 60.00 s 0.00 10.200 10,200 Purchases: 470 Os 85.00 O 260 OS 70.00 O 340 Os 72.00 O 470 Os 05.00 150 Os 70.00 March 5 IS 110 OS 70.00 340 Os 72.00 30,550 30,550 0.00 March 18 18,200 10,500 7,700 March 25 24,480 24,480 $ 83,430 IS 51,250 S 32,180 Total 1,240 790 450 b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale # of units sold Cost of Goods Sold # of units # of units Cost per unit Cost Cost in ending inventory Ending Inventory per unit per unit Beginning inventory 170 S 80.00 $ 10,200 170 Os 60.00 S 10,200 Purchases: March 5 280 O S 85.00 Is 70.00 S 72.00 190 Os 65.00 260 OS 70.00 340 OS 72.00 470 30,550 12,350 65.00 18.200 March 18 260 18,200 18.200 March 25 340 24,480 24,480 Total 1,240 $ 83,430 790 450 s 28,400 55,030
Transcribed Image Text:Reguired information [The following information applies to the questions clisplayed below.] Warnerwoods Company uses a perlodic Inventory system. It entered Into the following purchases and sales transactions for March. Units Acquired at Cost 178 units e $6e per unit 470 units e $65 per unit Date Activities Units Sold at Retail Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase 490 units e $95 per unit 260 units e $7e per unit 340 units e $72 per unit Mar. 25 Purchase Mar. 29 Sales 300 units e $1e5 per unit Totals 1,240 units 790 units For specific Identification, the March 9 sale consisted of 90 units from beginning Inventory and 400 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 190 units from the March 25 purchase. 3. Compute the cost assigned to ending Inventory using (a) FIFO. (b) LIFO. (C) weighted average, and (d) specific Identification. (Round your average cost per unit to 2 decimal places.) a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Cost of # of # of units # of units Cost Cost Cost Available for Sale units sold Goods Sold in ending inventory Ending Inventory per unit per unit per unit Beginning inventory 170 O S 80.00 O$ 170 Os 60.00 s 0.00 10.200 10,200 Purchases: 470 Os 85.00 O 260 OS 70.00 O 340 Os 72.00 O 470 Os 05.00 150 Os 70.00 March 5 IS 110 OS 70.00 340 Os 72.00 30,550 30,550 0.00 March 18 18,200 10,500 7,700 March 25 24,480 24,480 $ 83,430 IS 51,250 S 32,180 Total 1,240 790 450 b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale # of units sold Cost of Goods Sold # of units # of units Cost per unit Cost Cost in ending inventory Ending Inventory per unit per unit Beginning inventory 170 S 80.00 $ 10,200 170 Os 60.00 S 10,200 Purchases: March 5 280 O S 85.00 Is 70.00 S 72.00 190 Os 65.00 260 OS 70.00 340 OS 72.00 470 30,550 12,350 65.00 18.200 March 18 260 18,200 18.200 March 25 340 24,480 24,480 Total 1,240 $ 83,430 790 450 s 28,400 55,030
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