Question

The Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March 2019. For specific identification: • The March 9 sale consisted of 80 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 Acqulied at Cost Units Sold at Retail 100 units a $50.00 per unit 400 units a $55.00 per unit Mar. 1 Mar. 5 Mar. 9 Mar. 18 Mar. 25 Mar. 29 420 units @ $85.00 per unit Beginning inventory... Purchase Sales ... Purchase... Purchase Sales Totals. 120 units @ $60.00 per unit 200 units @ $62.00 per unit 160 units @ $95.00 per unit 580 units 820 units

Answer 1

All required fields in question - answers for that highlighted in orange below:

Inventory sheet - LIFO Goods Purchased Date Quantity Cost per unit Total cost 1-Mar 5-Mar 400 $ 55.00 $ 22,000 Quantity Cost of goods sold Cost per unit Total cost Ending Inventory Quantity Cost per unit Total cost 100 $ 50.00 $ 5,000 100 $ 50.00 $ 5,000 400 $ 55.00 $ 22,000 500 $ 27,000 80 $ 50.00 $ 4,000 9-Mar 400 20 $ $ 55.00 $ 50.00 $ 22,000 1,000 18-Mar 120 $ 60.00 $ 7,200 80 120 200 $ $ 50.00 60.00 25-Mar 200 $ 62.00 $ 12,400 80 $ $ $ 50.00 60.00 62.00 $ 4,000 $ 7,200 $ 11,200 $ 4,000 $ 7,200 $ 12,400 $ 23,600 $ 4,000 $ 7,200 $ 2,480 $ 13,680 $ 13,680 29-Mar 160 $ 62.00 $ 120 200 400 80 120 40 240 240 9,920 $ $ $ 50.00 60.00 62.00 31-Mar 720 $ 41,600 580 $ 32,920 Cost of goods sold Cost per unit Total cost Quantity Calculation =(5,000+22,000)/(100+400) = 54 per unit Inventory sheet - Average weighted cost Goods Purchased Date Quantity Cost per unit Total cost 1-Mar 5-Mar 400 $ 55.00 $ 22,000 9-Mar 18-Mar 120 $ 60.00 $ 7,200 25-Mar 200 $ 62.00 $ 12,400 29-Mar 31-Mar $ 41,600 420 $ 54.00 $ 22,680 Ending Inventory Quantity Cost per unit Total cost 100 $ 50.00 $ 5,000 500 $ 54.00 $ 27,000 80 $ 54.00 $ 4,320 200 $ 57.60 $ 11,520 400 $ 59.80 $ 23,920 240 $ 59.80 $ 14,352 $ 14,352 =(4,320+7,200)/(80+120) = 57.60 per unit =(11,520+12,400)/(200+200) = 59.80 per unit 59.80 160 $ 580 $ $ 9,568 32,248 720 240