Solution:
Computation of ending inventory COGS under FIFO - Warnerwoods Co | ||||||||||||
Date | Beginning Inventory | Purchase | Cost of Goods Sold | Ending Inventory | ||||||||
Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | |
1-Mar | 150 | $52.00 | $7,800.00 | 0 | $0.00 | $0.00 | 0 | $0.00 | $0.00 | 150 | $52.00 | $7,800.00 |
5-Mar | 150 | $52.00 | $7,800.00 | 250 | $57.00 | $14,250.00 | 0 | $0.00 | $0.00 | 150 | $52.00 | $7,800.00 |
250 | $57.00 | $14,250.00 | ||||||||||
9-Mar | 150 | $52.00 | $7,800.00 | 0 | $0.00 | $0.00 | 150 | $52.00 | $7,800.00 | 90 | $57.00 | $5,130.00 |
250 | $57.00 | $14,250.00 | 160 | $57.00 | $9,120.00 | |||||||
18-Mar | 90 | $57.00 | $5,130.00 | 110 | $62.00 | $6,820.00 | 0 | $0.00 | $0.00 | 90 | $57.00 | $5,130.00 |
110 | $62.00 | $6,820.00 | ||||||||||
25-Mar | 90 | $57.00 | $5,130.00 | 200 | $64.00 | $12,800.00 | 0 | $0.00 | $0.00 | 90 | $57.00 | $5,130.00 |
110 | $62.00 | $6,820.00 | 110 | $62.00 | $6,820.00 | |||||||
200 | $64.00 | $12,800.00 | ||||||||||
29-Mar | 90 | $57.00 | $5,130.00 | 0 | $0.00 | $0.00 | 90 | $57.00 | $5,130.00 | 20 | $62.00 | $1,240.00 |
110 | $62.00 | $6,820.00 | 90 | $62.00 | $5,580.00 | 200 | $64.00 | $12,800.00 | ||||
200 | $64.00 | $12,800.00 | ||||||||||
Total | 490 | $27,630.00 | 220 | $14,040.00 |
Computation of ending inventory COGS under LIFO - Warnerwoods Co | ||||||||||||
Date | Beginning Inventory | Purchase | Cost of Goods Sold | Ending Inventory | ||||||||
Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | |
1-Mar | 150 | $52.00 | $7,800.00 | 0 | $0.00 | $0.00 | 0 | $0.00 | $0.00 | 150 | $52.00 | $7,800.00 |
5-Mar | 150 | $52.00 | $7,800.00 | 250 | $57.00 | $14,250.00 | 0 | $0.00 | $0.00 | 150 | $52.00 | $7,800.00 |
250 | $57.00 | $14,250.00 | ||||||||||
9-Mar | 150 | $52.00 | $7,800.00 | 0 | $0.00 | $0.00 | 250 | $57.00 | $14,250.00 | 90 | $52.00 | $4,680.00 |
250 | $57.00 | $14,250.00 | 60 | $52.00 | $3,120.00 | |||||||
18-Mar | 90 | $52.00 | $4,680.00 | 110 | $62.00 | $6,820.00 | 0 | $0.00 | $0.00 | 90 | $52.00 | $4,680.00 |
110 | $62.00 | $6,820.00 | ||||||||||
25-Mar | 90 | $52.00 | $4,680.00 | 200 | $64.00 | $12,800.00 | 0 | $0.00 | $0.00 | 90 | $52.00 | $4,680.00 |
110 | $62.00 | $6,820.00 | 110 | $62.00 | $6,820.00 | |||||||
200 | $64.00 | $12,800.00 | ||||||||||
29-Mar | 90 | $52.00 | $4,680.00 | 0 | $0.00 | $0.00 | 180 | $64.00 | $11,520.00 | 90 | $52.00 | $4,680.00 |
110 | $62.00 | $6,820.00 | 110 | $62.00 | $6,820.00 | |||||||
200 | $64.00 | $12,800.00 | 20 | $64.00 | $1,280.00 | |||||||
Total | 490 | $28,890.00 | 220 | $12,780.00 |
Computation of ending inventory COGS under Weighted Average Cost - Warnerwoods Company | ||||||||||||
Date | Beginning Inventory | Purchase | Cost of Goods Sold | Ending Inventory | ||||||||
Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | |
1-Mar | 150 | $52.00 | $7,800 | 0 | $0.00 | $0 | 0 | $0.00 | $0 | 150 | $52.00 | $7,800 |
5-Mar | 150 | $52.00 | $7,800 | 250 | $57.00 | $14,250 | 0 | $0.00 | $0 | 400 | $55.13 | $22,050 |
9-Mar | 400 | $55.13 | $22,050 | 0 | $0.00 | $0 | 310 | $55.13 | $17,089 | 90 | $55.13 | $4,961 |
18-Mar | 90 | $55.13 | $4,961 | 110 | $62.00 | $6,820 | 0 | $0.00 | $0 | 200 | $58.91 | $11,781 |
25-Mar | 200 | $58.91 | $11,781 | 200 | $64.00 | $12,800 | 0 | $0.00 | $0 | 400 | $61.45 | $24,581 |
29-Mar | 400 | $61.45 | $24,581 | 0 | $0.00 | $0 | 180 | $61.45 | $11,062 | 220 | $61.45 | $13,520 |
Total | 490 | $28,150 | 220 | $13,520 |
Computation of COGS and ending inventory - Specific identification | |||||||||
Particulars | Cost of goods available for sale | Cost of goods sold | Ending Inventory | ||||||
Nos of units | Unit Cost | Cost of goods available for sale | Nos of units sold | Unit Cost | Cost of goods sold | Nos of units in ending inventory | Unit Cost | Ending inventory | |
Beginning inventory | 150 | $52.00 | $7,800 | 90 | $52.00 | $4,680.00 | 60 | $52.00 | $3,120.00 |
Purchases: | |||||||||
5-Mar | 250 | $57.00 | $14,250 | 220 | $57.00 | $12,540.00 | 30 | $57.00 | $1,710.00 |
18-Mar | 110 | $62.00 | $6,820 | 70 | $62.00 | $4,340.00 | 40 | $62.00 | $2,480.00 |
25-Mar | 200 | $64.00 | $12,800 | 110 | $64.00 | $7,040.00 | 90 | $64.00 | $5,760.00 |
Total | 710 | $41,670 | 490 | $28,600.00 | 220 | $13,070.00 |
Homework - Chapter 5 0 Help Seve Required information Problem 5-1A Perpetual: Alternative cost flows LO...
Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 [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 Units Sold at Retail Units Acquired at Cost 170 units @ $52.40 per unit 260 units @ $57.40 per unit 330 units @ $87.40 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar 18 Purchase...
Required information Problem 5-1A Perpetual: Alternative cost flows LO P1 [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 Units sold at Retail Units Acquired at Cost 120 units $51.40 per unit 235 units @ $56.40 per unit 280 units $86.40 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar 25 Purchase Mar....
Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 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 lonn I w Unita Sold at Retail Activities Beginning inventory Unita Mequired at Coat 100 units $50.00 per unit 420 units $85.00 per unit 200 units $62.00 per upit 160 units 595.00 per unit Problem 6-1A Part 3 3. Compute the cost assigned...
Problem 5-1A Perpetual: Alternative cost flows LO P1 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 Units sold at Retail Units Acquired at Cost 150 unitse $52.00 per unit 250 units $57.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. Sales Mar. 18 Purehase Mar. 25 Purchase MAT. 29 Sales Totals 310 unitse $87.00 per unit 110...
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 Units Sold at Retail Units Acquired at Cost 180 units $52.60 per unit 265 units $57.60 per unit 340 units $87.60 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 125 unitse $62.60 per unit 230...
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 180 units $52.60 per unit Mar. 5 Purchase 265 units $57.60 per unit 9 Sales 340 units $87.60 per unit Mar. 18 Purchase 125 units. $62.60 per unit Mar. 25 Purchase 230 units # $64.60 per unit...
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. Units Sold at Retail Units Acquired at Cost 230 units @ $53.60 per unit 290 units @ $58.60 per unit 390 units @ $88.60 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 150 units @...
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. Units Sold at Retail Units Acquired at Cost 70 units @ $50.40 per unit 210 units @ $55.40 per unit 230 units @ $85.40 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 70 units @...
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 Units Sold at Retail Units Acquired at Cost 70 units @ $50.40 per unit 210 units @ $55.40 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 230 units @ $85.40 per unit 70 units @...
PROBLEM SET A connect Problem 6-1A Perpetual: Alternative cost flows P1 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 8o 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.) Date Activities Units Acquired at Cost Units Sold...