Question

s Inventories such that there was a reversal lIIon for the 2015 write-down, how would Samsung account for this under IFRS? Would Samsung's accounting be different for this reversal if it reported under U.S GAAP? Explain. connect Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. (For specific identification, the March 9 sale consisted of 80 units from be- ginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from es a Peri Pur PROBLEN specit specific the March 18 purchase and 120 units from the March 25 purchase.) Problem 6-1 Perpetual: A cost flows Date Activities Units Acquired at Cost Units Sold at Retail P1 100 units@$50.00 per unit Mar. 5 Purchase. 400 units@$55.00 per unit 420 units@ $85.00 per unit Mar. 25 Purchese. Mar. 29 Sels 160 units @ $95.00 per unit 580 units . 820 units eriodic ase and cost of er unit Required 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory 3. Compute the cost assigned to ending inventory using (a) FIFO. (b) LIFO.() weighted average, and (d) specific identification. (Round all amounts to cents.) 4 Compute gross profit earned by the company for each of the four costing methods in part3

Answer 1