Please Help it is a 4 part
question and i am lost on it.
1. Cost of goods available for sale
Units | cost per unit | cost of goods available for sale | |
Beginning inventory | 145 | 80 | 11,600 |
Purchases | |||
March 5 | 445 | 85 | 37,825 |
March 18 | 210 | 90 | 18,900 |
March 25 | 290 | 92 | 26,680 |
Total | 1,090 | 95,005 |
2. Calculation of no. of units in ending inventory
Ending inventory= beginning inventory+ purchases - sales
= 145+945-715
=375 units
3.
A. Periodic FIFO
Periodic FIFO. |
Cost of goods available For sale. |
Cost of goods Sold |
Ending inventory. |
units | cost per unit | cost of goods available for sale | units sold | cost per unit | cost of goods sold | units in ending inventory | cost per unit | Ending inventory | |
Beginning inventory | 145 | 80 | 11,600 | 145 | 80 | 11,600 | |||
March 5 | 445 | 85 | 37,825 |
145 445 |
80 85 |
11,600 37,825 |
|||
March 9 |
145 320 |
80 85 |
11,600 27,200 |
125 | 85 | 10,625 | |||
March 18 | 210 | 90 | 18,900 |
125 210 |
85 90 |
10,625 18,900 |
|||
March 25 | 290 | 92 | 26,680 |
125 210 290 |
85 90 92 |
10,625 18,900 26,680 |
|||
March 29 |
125 125 |
85 90 |
10,625 11,250 |
85 290 |
90 92 |
7,650 26,680 |
|||
1090 | 95,005 | 715 | 60,675 | 375 |
34,330 |
B. Periodic LIFO
Units | cost per unit | cost of goods available for sale | units sold | cost per unit | Cost of goods sold | units in ending inventory | cost per unit | Ending inventory | |
Beginning inventory | 145 | 80 | 11,600 | 145 | 80 | 11,600 | |||
March 5 | 445 | 85 | 37,825 |
145 445 |
80 85 |
11,600 37,825 |
|||
March 9 |
445 20 |
85 80 |
37,825 1,600 |
125 | 80 | 10,000 | |||
March 18 | 210 | 90 | 18,900 |
125 210 |
80 90 |
10,000 18,900 |
|||
March 25 | 290 | 92 | 26,680 |
125 210 290 |
80 90 92 |
10,000 18,900 26,680 |
|||
March 29 | 250 | 92 | 23,000 |
125 210 40 |
80 90 92 |
10,000 18,900 3,680 |
|||
Total | 1,090 | 95,005 | 715 | 62,425 | 375 | 32,580 |
C. Weighted average method
Units | cost per unit | cost of goods available for sale | units sold | cost per unit | Cost of goods sold | units in ending inventory | cost per unit | ending inventory | |
Beginning inventory |
145 | 80 | 11,600 | 145 | 80 | 11,600 | |||
March 5 | 445 | 85 | 37,825 | 590 | 83.77 | 49,425 | |||
March 9 |
465 | 83.77 | 38,954 | 125 | 83.77 | 10,471 | |||
March 18 | 210 | 90 | 18,900 | 335 | 87.67 | 29,371 | |||
March 25 | 290 | 92 | 26,680 | 625 | 89.68 | 56,051 | |||
March 29 | 250 | 89.68 | 22,420 | 375 | 89.68 | 33,631 | |||
Total | 1,090 | 95,005 | 715 | 61,374 | 375 | 33,631 |
D. Specific identification method
Units | cost per unit | cost of goods available for sale | units sold | Cost per unit | cost of goods sold | Units in ending inventory | cost per unit | Ending inventory | |
Beginning inventory | 145 | 80 | 11,600 | 145 | 80 | 11,600 | |||
March 5 | 445 | 85 | 37,825 |
145 445 |
80 85 |
4,400 37,825 |
|||
March 9 |
90 375 |
80 85 |
7,200 31,875 |
55 70 |
80 85 |
4,400 5,950 |
|||
March 18 | 210 | 90 | 18,900 |
55 70 210 |
80 85 90 |
4,400 5,950 18,900 |
|||
March 25 | 290 | 92 | 26,680 |
55 70 210 290 |
80 85 90 92 |
4,400 5,950 18,900 26,680 |
|||
March 29 |
85 165 |
90 92 |
7,650 15,180 |
55 70 125 125 |
80 85 90 92 |
4,400 5,950 11,250 11,500 |
|||
Total | 1,090 | 95,005 | 715 | 61,905 | 375 | 33,100 |
4. Computation of gross profit earned under each of costing methods
FIFO | LIFO | Weighted average | Specific identification | |
Sales( 465×115 + 250×125) | 84,725 | 84,725 | 84,725 | 84,725 |
Less: cost of goods sold | (60,675) | (62,425) | (61374) | (61,905) |
Gross profit | 24,050 | 22,300 | 23,351 | 22,820 |
____×____
All the best
Any doubt regarding answer please comment
Please Help it is a 4 part question and i am lost on it. Chapter 05...
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Please answer the whole question.
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
Activities
Units Acquired at Cost
Units Sold at Retail
Mar.
1
Beginning inventory
130
units
@ $51.60 per unit
Mar.
5
Purchase
240
units
@ $56.60 per unit
Mar.
9
Sales
290
units
@ $86.60 per unit
Mar.
18
Purchase
100
units
@ $61.60 per...
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I need a more detailed answer
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> #4 that you did, the chart isn't 100% correct. the FIFO and Specific identification columns are correct but the LIFO and Weighted average columns are incorrect.
rachel joho Sun, Apr 3, 2022 12:42 PM