Ans. 4 | FIFO | LIFO | Weighted average | Specific identification | ||||||
Sales | $36,742 | $36,742 | $36,742 | $36,742 | ||||||
(-) Cost of goods sold | -$22,842 | -$23,822 | -$23,242 | -$23,572 | ||||||
Gross profit | $13,900 | $12,920 | $13,500 | $13,170 | ||||||
*Calculation of sales: | ||||||||||
Date | Units | Rate | Cost | |||||||
09-Mar | 270 | $86.20 | $23,274 | |||||||
29-Mar | 140 | $96.20 | $13,468 | |||||||
Total sales | $36,742 | |||||||||
*Working Notes: | ||||||||||
a | Perpetual FIFO: | |||||||||
Purchase | Cost of goods sold | Balance | ||||||||
Date | Quantity | Rate | Total cost | Quantity | Rate | Total cost | Quantity | Rate | Total cost | |
01-Mar | 110 | $51.20 | $5,632 | 110 | $51.20 | $5,632 | ||||
05-Mar | 230 | $56.20 | $12,926 | 110 | $51.20 | $5,632 | ||||
230 | $56.20 | $12,926 | ||||||||
09-Mar | 110 | $51.20 | $5,632 | |||||||
160 | $56.20 | $8,992 | 70 | $56.20 | $3,934 | |||||
18-Mar | 90 | $61.20 | $5,508 | 70 | $56.20 | $3,934 | ||||
90 | $61.20 | $5,508 | ||||||||
25-Mar | 160 | $63.20 | $10,112 | 70 | $56.20 | $3,934 | ||||
90 | $61.20 | $5,508 | ||||||||
160 | $63.20 | $10,112 | ||||||||
29-Mar | 70 | $56.20 | $3,934 | |||||||
70 | $61.20 | $4,284 | 20 | $61.20 | $1,224 | |||||
160 | $63.20 | $10,112 | ||||||||
Total | Cost of goods sold | $22,842 | Ending inventory | $11,336 | ||||||
*In FIFO method the units that have purchased first (earliest), are released the first one and the ending inventory | ||||||||||
units remain from the last (recent) purchases. | ||||||||||
b | LIFO: | |||||||||
Purchase | Cost of goods sold | Balance | ||||||||
Date | Quantity | Rate | Total cost | Quantity | Rate | Total cost | Quantity | Rate | Total cost | |
01-Mar | 110 | $51.20 | $5,632 | 110 | $51.20 | $5,632 | ||||
05-Mar | 230 | $56.20 | $12,926 | 110 | $51.20 | $5,632 | ||||
230 | $56.20 | $12,926 | ||||||||
09-Mar | 230 | $56.20 | $12,926 | |||||||
40 | $51.20 | $2,048 | 70 | $51.20 | $3,584 | |||||
18-Mar | 90 | $61.20 | $5,508 | 70 | $51.20 | $3,584 | ||||
90 | $61.20 | $5,508 | ||||||||
25-Mar | 160 | $63.20 | $10,112 | 70 | $51.20 | $3,584 | ||||
90 | $61.20 | $5,508 | ||||||||
160 | $63.20 | $10,112 | ||||||||
29-Mar | 140 | $63.20 | $8,848 | 70 | $51.20 | $3,584 | ||||
90 | $61.20 | $5,508 | ||||||||
20 | $63.20 | $1,264 | ||||||||
Total | Cost of goods sold | $23,822 | Ending inventory | $10,356 | ||||||
*In LIFO method the units that have purchased last, are released the first one and the ending inventory | ||||||||||
units remain from the first purchases. |
Required information (The following information applies to the questions displayed below.) Warnerwoods Company uses a perpetual...
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 110 units @ $51.20 per unit 230 units @ $56.20 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 270 units @ $86.20 per unit 90 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. Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 110 units @ $51.20 per unit Mar. 5 Purchase 230 units @ $56.20 per unit Mar. 9 Sales 270 units @ $86.20 per unit Mar. 18 Purchase 90 units @ $61.20 per unit Mar. 25 Purchase 160...
I need FIFO, LIFO, Weighted
Average, Specific Id
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 110 units @ $51.20 per unit 230 units @ $56.20 per unit 270 units @ $86.20 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar 9 Sales Mar. 18 Purchase Mar. 25...
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 60 units @ $50.20 per unit 205 units @ $55.20 per unit 220 units @ $85.20 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 65 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 150 units @ $52.00 per unit 250 units @ $57.00 per unit 310 units @ $87.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 110 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 90 units @ $50.80 per unit 220 units @ $55.80 per unit 250 units @ $85.80 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 80 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 80 units @ $50.60 per unit 215 units $55.60 per unit 240 units@ $85.60 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 75 units @ $60.60 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. Units Sold at Retail Units Acquired at Cost 100 units @ $50.00 per unit 400 units @ $55.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 420 units @ $85.00 per unit 120 units @ $60.00...
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 ts Sold at Retail Units Acquired at Cost 230 units @ $53.60 per unit 290 units $58.60 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar 25 Purchase Mer 29 Sales Totals 390 units @ $88.60 per unit 150 units 563.60 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. Units Sold at Retail Units Acquired at Cost 100 units @ $51.00 per unit 225 units @ $56.00 per unit 260 units @ $86.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 85 units @...