Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactionsfor March.DateMarch 1March 5March 9March 18March 25March 29TotalPerpetual FIFO Perpetual LIFOActivitiesBeginning inventoryPurchaseSalesPurchasePurchaseSalesTotalsDateMarch 1March 5March 18March 25Complete this question by entering your answers in the tabs below.3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. Forspecific identification, units sold include 135 units from beginning inventory, 265 units from the March 5 purchase, 115 units from theMarch 18 purchase, and 155 units from the March 25 purchase.WeightedAverageGoods Available for Sale# of unitsSpearic Id0Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 135 units from beginning inventory, 265units from the March 5 purchase, 115 units from the March 18 purchase, and 155 units from the March 25 purchase.Cost perunitUnits Acquired at Cost240 units @ $53.80 per unit295 units e $58.80 per unit155 units e $63.80 per unit290 units @ $65.80 per unit980 units$$Cost of GoodsAvailable forSaleSpecific Identification00000Cost of Goods Sold# of unitssold0Cost perunit$27Cost ofGoods Sold0.00 $0.000.00$Units Sold at Retail000400 units @ $88.80 per unit0270 units @ $98.80 per unit670 unitsEnding InventoryCost perunit# of unitsin endinginventory0EndingInventory$ 0.00 $0.000.000.00$00of000

Name: Warnerwoods Company uses a perpetual inventory system. It entered int
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Description: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactionsfor March.DateMarch 1March 5March 9March 18March 25March 29TotalPerpetual FIFO Perpetual LIFOActivitiesBeginning inventoryPurchaseSa

Under this method, the company uses specific inventory for the production or sale. According to the…

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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales. Totals Units Acquired at Cost 240 units @ $53.80 per unit 295 units @ $58.80 per unit 155 units @ $63.80 per unit 290 units @ $65.80 per unit 980 units Units Sold at Retail 400 units @ $88.80 per unit 270 units @ $98.80 per unit 670 units 3. 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 135 units from beginning inventory, 265 units from the March 5 purchase, 115 units from the March 18 purchase, and 155 units from the March 25 purchase.

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales. Totals Units Acquired at Cost 240 units @ $53.80 per unit 295 units @ $58.80 per unit 155 units @ $63.80 per unit 290 units @ $65.80 per unit 980 units Units Sold at Retail 400 units @ $88.80 per unit 270 units @ $98.80 per unit 670 units 3. 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 135 units from beginning inventory, 265 units from the March 5 purchase, 115 units from the March 18 purchase, and 155 units from the March 25 purchase.

Financial Accounting

15th Edition

ISBN:9781337272124

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

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

Chapter7: Inventories

Section: Chapter Questions

Problem 3PEA: Beginning inventory, purchases, and sales for Item Gidget are as follows: Assuming a perpetual...

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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Perpetual FIFO Perpetual LIFO Date March 1 Complete this question by entering your answers in the tabs below. March 5 Average March 5 March 9 3. 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 135 units from beginning inventory, 265 units from the March 5 purchase, 115 units from the March 18 purchase, and 155 units from the March 25 purchase. March 18 Beginning inventory Purchase Sales Purchase Purchase Sales Totals. Average March 18 Activities Compute the cost assigned to ending inventory using weighted average. Note: Round your average cost per unit to 2 decimal places. March 25 Average March 25 March 29 Totals Weighted Average # of units Goods Purchased Units Acquired at Cost…
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 transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Perpetual FIFO Perpetual LIFO Date March 1 March 5 Average March 5 March 9 Activities Beginning inventory Purchase Sales Complete this question by entering your answers in the tabs below. March 18 Purchase Purchase Sales Totals Average March 18 HTT 3. 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 105 units from beginning inventory, 235 units from the March 5 purchase. 85 units from the March 18 purchase, and 125 units from the March 25 purchase. March 25 Average March 25 March 29 Totals Compute the cost assigned to ending inventory using weighted average. Note: Round your average cost per…
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 transactions for March. Date March 1 March 5 March 9 March 18. March 25 March 29 Total Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Date March 1 March 5 March 18 March 25 Complete this question by entering your answers in the tabs below. 3. 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 130 units from beginning Inventory, 260 units from the March 5 purchase, 110 units from the March 18 purchase, and 150 units from the March 25 purchase. Weighted Average # of units Goods Available for Sale Perpetual FIFO Perpetual LIFO Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold…
Directions: Read each problem and do what is required. Write your answer on the table provide. Take note that the perfect score in each item Is 20 points with a corresponding one-point deduction in every incorrect Activity 2: Problem Solving answer. I. A company had the following transactions during December: 12/1/2020 - Sold merchandise on credit for PHP5.000, terms 3/10, n/30. The items sold had a cost of PHP3,500. 12/2/2020 - Purchased merchandise for cash, PHP720. 12/4/2020 - Purchased merchandise on credit for PHP2,600, terms 1/20, n/30. 12/6/2020 - Issued a credit memorandum for PHP300 to a customer who returned merchandise purchased on November 29. The returned items had a cost of PHP210. 12/10/2020 - Received payment for merchandise sold on December 1. 12/14/2020 - Received a credit memorandum for the return of faulty merchandise purchased on December 4 for PHP600. 12/20/2020 - Paid freight charges of PHP200 for merchandise ordered last month (FOB shipping point). mal…
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[The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Required: Hemming uses a perpetual inventory system. Required 1 Required 2 Required 3 Date January 1 January 10 March 14 Total March 14 March 15 Complete this question by entering your answers in the tabs below. Goods Purchased Units Acquired at Cost @ $11.60 240 units # of units 370 units Cost per unit 440 units 140 units 1,190 units Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold Cost per unit 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit…
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