Question

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 to ending inventory using (a) FIFO, UFO, (c) weighted average, and a specific identification. 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. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Average Specific to Compute the cost assigned to ending inventory using FIFO. Perpetual Goods Purchased Cost per Cost of Goods Sold Cost per cost of Goods Sold of units March 1 March 5 Inventory Balance of units Cost per Inventory 100 @ $5000 - $ 5.000.00 100 550.00 - $ 5.000.00 400 @ $55.00 - 22.000.00 5 27.000.00 @ $50.00 @ 555.00 400 $ 5500 5 0 .00 March 9 0.001 4 of 4 3 !! Next > < Prev

Answer 1

Answer:- (!) Perpetual FIFO. cost of goods sold Inventory Balance Units per most cost Goods purchased No. of cost per units unit Date units per cost 100 $50 $5000 mar. 100 $30 mar 5 400 $55 1000 $22000 400 so 100 320 80 4400 SD s mar a S000 17600 ss mar 18 ! 120 $60 80 120 4400 7200 $60 62 mar 25 200 so 120 200 60 Կաoo 7200 12400 62 80 80 mar 29 55 60 uuoo 4800 40 60 O2 2400 12400 200 240 $14800 $ 31,800 Total

(2) Perpetual- LIFO Date Goods purchased No. of cost per unils l cost of goods sold I units per cost T Ending inventors Units per un cost cost per unt 1 1 units unit 100 $50 $5000 mar 1 loo SO 55 5000: 22000 mar 5 $55 - uoo 400 so $4000 400 20 mar q 55 0 $22000 $1000 4000 80 7200 60 mar 18 $60 | 120 120 80 so $62 4000 7200 12400 120 60 62 mar 25 | 2008 200 160 62 marza 60 99201 120 40 $32,920 240 4000 7200 2460 62 $13660 0 Total

(3) Perpetudi- weightedaverage T ending inventong bale I cost of goods sold I unts per cost Goods purchased Nooof cost per Units. Unit cost Unite per unit unut mari 100 100 1400 $50 so 5 $9000 & 5000 21000 $55 mar 5 400 500 $54 27000 Average 420 su 4320 mar 9 22650 so so sa su $60 120 4320 7200 mar 18 120 60 Average 62 mar 25/200 200 200 200 400 9568 / 240 $5706 576 62 59.9 59.8 11520 11520 12400 23920 14,352 mar 29 160 59.8 Total $32,248 240 14,352

cu specific Identi hration Dale Goods purchased No. of cost per units Unit cost of goods sold I No. of per cost 1 Units unit - Ending invenlong units per tant cost 100 $50 $5000 mar 1 So 8000 22000 mar 5 400 1000 so ss mar a I 100 1400 4000 |zo 18700 60 20 so 55 3300 13uo 50 1000 $60 mar 18 I 120 3300 7200 so $62 mar 25 | 200 1000 3300 7200 P200 12400 120 60 200 62 mar 29 40 120 1000 60 62 3300 2400 20 4440 60 so 80 $ 32,540 240 5 6o 62 4800 4960 Total $44060