Ans. 3 | ||||||||||
Ans. A | FIFO: | Cost of goods available for sale | Cost of goods sold | Ending inventory | ||||||
# of Units | Cost per | Cost of goods | # of units | Cost per | Cost of | # of Units in | Cost per | Ending | ||
Unit | Available for sale | Sold | Unit | Goods sold | Ending inventory | Unit | Inventory | |||
Beginning inventory | 135 | $70.00 | $9,450 | 135 | $70.00 | $9,450 | 0 | $70.00 | $0 | |
Purchases: | 0 | |||||||||
05-Mar | 435 | $75.00 | $32,625 | 435 | $75.00 | $32,625 | $75.00 | |||
18-Mar | 190 | $80.00 | $15,200 | 115 | $80.00 | $9,200 | 75 | $80.00 | $6,000 | |
25-Mar | 270 | $82.00 | $22,140 | 0 | $82.00 | $0 | 270 | $82.00 | $22,140 | |
Total | 1030 | $79,415 | 685 | $51,275 | 345 | $28,140 | ||||
*In FIFO method the units that have purchased first, are released the first one and the ending inventory | ||||||||||
units remain from the last purchases. | ||||||||||
Ans. B | LIFO: | Cost of goods available for sale | Cost of goods sold | Ending inventory | ||||||
# of Units | Cost per | Cost of goods | # of units | Cost per | Cost of | # of Units in | Cost per | Ending | ||
Unit | Available for sale | Sold | Unit | Goods sold | Ending inventory | Unit | Inventory | |||
Beginning inventory | 135 | $70.00 | $9,450 | 0 | $70.00 | $0 | 135 | $70.00 | $9,450 | |
Purchases: | ||||||||||
05-Mar | 435 | $75.00 | $32,625 | 225 | $75.00 | $16,875 | 210 | $75.00 | $15,750 | |
18-Mar | 190 | $80.00 | $15,200 | 190 | $80.00 | $15,200 | 0 | $80.00 | $0 | |
25-Mar | 270 | $82.00 | $22,140 | 270 | $82.00 | $22,140 | $82.00 | |||
Total | 1030 | $79,415 | 685 | $54,215 | 345 | $25,200 | ||||
*In LIFO method the units that have purchased last, are released the first one and ending inventory units | ||||||||||
remain from the first purchase. | ||||||||||
Ans. C | Average cost: | Cost of goods available for sale | Cost of goods sold | Ending inventory | ||||||
# of Units | Cost per | Cost of goods | # of units | Cost per | Cost of | # of Units in | Cost per | Ending | ||
Unit | Available for sale | Sold | Unit | Goods sold | Ending inventory | Unit | Inventory | |||
Beginning inventory | 135 | $70.00 | $9,450 | |||||||
Purchases: | ||||||||||
05-Mar | 435 | $75.00 | $32,625 | |||||||
18-Mar | 190 | $80.00 | $15,200 | |||||||
25-Mar | 270 | $82.00 | $22,140 | |||||||
Total | 1030 | $79,415 | 685 | $77.10 | $52,815 | 345 | $77.10 | $26,600 | ||
Average cost per unit = Total cost of goods available for sale / Units available for sale | ||||||||||
$79,415 / 1,030 | ||||||||||
$77.10 | per unit |
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions...
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 100 units @ $50.00 per unit 400 units @ $55.00 per unit 420 units @ $85.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 120 units @ $60.00 per unit 200 units @ $62.00 per unit 160 units...
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 200 units @ $53.00 per unit 275 units@ $58.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 360 units @ $88.00 per unit 135 units @ $63.00 per unit 250 units @ $65.00 per unit 230 units @...
Warnerwoods Company uses a perpetual Inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Mar Mar 1 Beginning inventory 5 Purchase Units Acquired at Cost 240 units 553.80 per unit 205 units 558e per unit 600 units 588. Be per unit 155 units 290 units Mar. 18 Purchase Mar 25 Purchase Mar. 2 Sales Totals 563.80 per unit 565.8 per unit $98.8e per unit 278 units 670 units 3. Compute the cost...
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 220 units @ $53.40 per unit Mar. 5 Purchase 285 units @ $58.40 per unit Mar. 9 Sales 380 units @ $88.40 per unit Mar. 18 Purchase 145 units @ $63.40 per unit Mar. 25 Purchase 270 units @ $65.40 per unit Mar. 29 Sales 250 units @...
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 220 units @ $53.40 per unit Mar. 5 Purchase 285 units @ $58.40 per unit Mar. 9 Sales 380 units @ $88.40 per unit Mar. 18 Purchase 145 units @ $63.40 per unit Mar. 25 Purchase 270 units @ $65.40 per unit Mar. 29 Sales 250 units @...
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 220 units @ $53.40 per unit Mar. 5 Purchase 285 units @ $58.40 per unit Mar. 9 Sales 380 units @ $88.40 per unit Mar. 18 Purchase 145 units @ $63.40 per unit Mar. 25 Purchase 270 units @ $65.40 per unit Mar. 29 Sales 250 units @...
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 220 units @ $53.40 per unit Mar. 5 Purchase 285 units @ $58.40 per unit Mar. 9 Sales 380 units @ $88.40 per unit Mar. 18 Purchase 145 units @ $63.40 per unit Mar. 25 Purchase 270 units @ $65.40 per unit Mar. 29 Sales 250 units @...
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 230 units @ $53.60 per unit Mar. 5 Purchase 290 units @ $58.60 per unit Mar. 9 Sales 390 units @ $88.60 per unit Mar. 18 Purchase 150 units @ $63.60 per unit Mar. 25 Purchase 280 units @ $65.60 per unit Mar. 29 Sales 260 units @...
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 60 units @ $50.20 per unit Mar. 5 Purchase 205 units @ $55.20 per unit Mar. 9 Sales 220 units @ $85.20 per unit Mar. 18 Purchase 65 units @ $60.20 per unit Mar. 25 Purchase 110 units @ $62.20 per unit Mar. 29 Sales 90 units @...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Acquired at Cost 60 units$50.20 per unit 205 units$55.20 per unit Activities Units Sold at Retail Date 1 Beginning inventory 5 Purchase 9 Sales Mar. Mar. 220 units@$85.20 per unit Mar. 65 units$60.20 per unit 110 units $62.20 per unit Mar. 18 Purchase Mar. 25 Purchase 90 units $95.20 per unit Mar. 29 Sales 440 units 310 units Totals 3. Compute...