Solution 3:
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 | 240 | $53.80 | $12,912.00 | 0 | $0.00 | $0.00 | 0 | $0.00 | $0.00 | 240 | $53.80 | $12,912.00 |
5-Mar | 240 | $53.80 | $12,912.00 | 295 | $58.80 | $17,346.00 | 0 | $0.00 | $0.00 | 240 | $53.80 | $12,912.00 |
295 | $58.80 | $17,346.00 | ||||||||||
9-Mar | 240 | $53.80 | $12,912.00 | 0 | $0.00 | $0.00 | 240 | $53.80 | $12,912.00 | 135 | $58.80 | $7,938.00 |
295 | $58.80 | $17,346.00 | 160 | $58.80 | $9,408.00 | |||||||
18-Mar | 135 | $58.80 | $7,938.00 | 155 | $63.80 | $9,889.00 | 0 | $0.00 | $0.00 | 135 | $58.80 | $7,938.00 |
155 | $63.80 | $9,889.00 | ||||||||||
25-Mar | 135 | $58.80 | $7,938.00 | 290 | $65.80 | $19,082.00 | 0 | $0.00 | $0.00 | 135 | $58.80 | $7,938.00 |
155 | $63.80 | $9,889.00 | 155 | $63.80 | $9,889.00 | |||||||
290 | $65.80 | $19,082.00 | ||||||||||
29-Mar | 135 | $58.80 | $7,938.00 | 0 | $0.00 | $0.00 | 135 | $58.80 | $7,938.00 | 20 | $63.80 | $1,276.00 |
155 | $63.80 | $9,889.00 | 135 | $63.80 | $8,613.00 | 290 | $65.80 | $19,082.00 | ||||
290 | $65.80 | $19,082.00 | ||||||||||
Total | 670 | $38,871.00 | 310 | $20,358.00 |
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 | 240 | $53.80 | $12,912.00 | 0 | $0.00 | $0.00 | 0 | $0.00 | $0.00 | 240 | $53.80 | $12,912.00 |
5-Mar | 240 | $53.80 | $12,912.00 | 295 | $58.80 | $17,346.00 | 0 | $0.00 | $0.00 | 240 | $53.80 | $12,912.00 |
295 | $58.80 | $17,346.00 | ||||||||||
9-Mar | 240 | $53.80 | $12,912.00 | 0 | $0.00 | $0.00 | 295 | $58.80 | $17,346.00 | 135 | $53.80 | $7,263.00 |
295 | $58.80 | $17,346.00 | 105 | $53.80 | $5,649.00 | |||||||
18-Mar | 135 | $53.80 | $7,263.00 | 155 | $63.80 | $9,889.00 | 0 | $0.00 | $0.00 | 135 | $53.80 | $7,263.00 |
155 | $63.80 | $9,889.00 | ||||||||||
25-Mar | 135 | $53.80 | $7,263.00 | 290 | $65.80 | $19,082.00 | 0 | $0.00 | $0.00 | 135 | $53.80 | $7,263.00 |
155 | $63.80 | $9,889.00 | 155 | $63.80 | $9,889.00 | |||||||
290 | $65.80 | $19,082.00 | ||||||||||
29-Mar | 135 | $53.80 | $7,263.00 | 0 | $0.00 | $0.00 | 270 | $65.80 | $17,766.00 | 135 | $53.80 | $7,263.00 |
155 | $63.80 | $9,889.00 | 155 | $63.80 | $9,889.00 | |||||||
290 | $65.80 | $19,082.00 | 20 | $65.80 | $1,316.00 | |||||||
Total | 670 | $40,761.00 | 310 | $18,468.00 |
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 | 240 | $53.80 | $12,912 | 0 | $0.00 | $0 | 0 | $0.00 | $0 | 240 | $53.80 | $12,912 |
5-Mar | 240 | $53.80 | $12,912 | 295 | $58.80 | $17,346 | 0 | $0.00 | $0 | 535 | $56.56 | $30,258 |
9-Mar | 535 | $56.56 | $30,258 | 0 | $0.00 | $0 | 400 | $56.56 | $22,623 | 135 | $56.56 | $7,635 |
18-Mar | 135 | $56.56 | $7,635 | 155 | $63.80 | $9,889 | 0 | $0.00 | $0 | 290 | $60.43 | $17,524 |
25-Mar | 290 | $60.43 | $17,524 | 290 | $65.80 | $19,082 | 0 | $0.00 | $0 | 580 | $63.11 | $36,606 |
29-Mar | 580 | $63.11 | $36,606 | 0 | $0.00 | $0 | 270 | $63.11 | $17,041 | 310 | $63.11 | $19,565 |
Total | 670 | $39,664 | 310 | $19,565 |
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 | 240 | $53.80 | $12,912 | 135 | $53.80 | $7,263.00 | 105 | $53.80 | $5,649.00 |
Purchases: | |||||||||
5-Mar | 295 | $58.80 | $17,346 | 265 | $58.80 | $15,582.00 | 30 | $58.80 | $1,764.00 |
18-Mar | 155 | $63.80 | $9,889 | 115 | $63.80 | $7,337.00 | 40 | $63.80 | $2,552.00 |
25-Mar | 290 | $65.80 | $19,082 | 155 | $65.80 | $10,199.00 | 135 | $65.80 | $8,883.00 |
Total | 980 | $59,229 | 670 | $40,381.00 | 310 | $18,848.00 |
Warnerwoods Company uses a perpetual 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. 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 250 units @ $54.00 per unit Mar. 5 Purchase 300 units @ $59.00 per unit Mar. 9 Sales 410 units @ $89.00 per unit Mar. 18 Purchase 160 units @ $64.00 per unit Mar. 25 Purchase 300 units @ $66.00 per unit Mar. 29 Sales 280 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 200 units @ $53.00 per unit Mar. 5 Purchase 275 units @ $58.00 per unit Mar. 9 Sales 360 units @ $88.00 per unit Mar. 18 Purchase 135 units @ $63.00 per unit Mar. 25 Purchase 250 units @ $65.00 per unit Mar. 29 Sales 230 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 periodic inventory system. It entered into the following purchases and sales transactions for March Date Units Sold at Retail Units Acquired at Cost 135 units @ $70 per unit 435 units @ $75 per unit 455 units @ $105 per unit Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 190 units @ $80 per unit 270 units @ $82 per unit 230 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 @...