Homework Answers
c) Average Cost method
Cost of goods available for sale : 145*80+445*85+210*90+290*92 = 95005
Total units : 1090 units
Average cost : 95005/1090 = 87.16
Cost of goods sold : 715*87.16 = 62319.79
Ending inventory : 375*87.16 = 32685.21
d) Specific identification
Cost of Googs sold : 90*80+375*85+85*90+165*92 = 61905
Ending inventroy = 55*80+70*85+125*90+125*92 = 33100
Add Answer to:
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions...
2. Compute the number of units in ending inventory. 4. Compute gross profit earned by the...
2. Compute the number of units in ending
inventory.
4. Compute gross profit earned by the company for
each of the four costing methods. (Round your average cost per unit
to 2 decimal places.)
FIFO
LIFO
Weighted Average
Specific Identification
Sales
Less: Cost of Goods Sold
Gross Profit
I need help with part 2 and 4. Explain how it is solved.
[The following information applies to the questions displayed below. Warnerwoods Company uses a periodic inventory system. It entered into...
The Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales...
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 Acquired at Cost Units Sold at Retail Beginning inventory Purchase..... 100 units a $50.00...
The Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales...
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 Acquired at Cost Units Sold at Retail Mar.1 100 units @ $50.00...
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions...
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...
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 @...
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. 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...
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...
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 240 units @ $53.80 per unit Mar. 5 Purchase 295 units @ $58.89 per unit Mar 9 Sales 400 units @ $88.80 per unit Mar. 18 Purchase 155 units @ $63.80 per unit Mar. 25 Purchase 290 units@ $65.80 per unit Mar. 29 Sales 278 units @ $98.80...
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. 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...
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 @...
2. Compute the number of units in ending
inventory.
4. Compute gross profit earned by the company for
each of the four costing methods. (Round your average cost per unit
to 2 decimal places.)
FIFO
LIFO
Weighted Average
Specific Identification
Sales
Less: Cost of Goods Sold
Gross Profit
I need help with part 2 and 4. Explain how it is solved.
[The following information applies to the questions displayed below. Warnerwoods Company uses a periodic inventory system. It entered into...
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 Acquired at Cost Units Sold at Retail Beginning inventory Purchase..... 100 units a $50.00...
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 Acquired at Cost Units Sold at Retail Mar.1 100 units @ $50.00...
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 240 units @ $53.80 per unit Mar. 5 Purchase 295 units @ $58.89 per unit Mar 9 Sales 400 units @ $88.80 per unit Mar. 18 Purchase 155 units @ $63.80 per unit Mar. 25 Purchase 290 units@ $65.80 per unit Mar. 29 Sales 278 units @ $98.80...
Most questions answered within 3 hours.
-
1. Which of the following is false about photosynthesis?
A. ATP is the molecule used to...
asked 15 minutes ago -
A simple random sample of size n=64 is obtained from a
population with a mean of...
asked 1 hour ago -
(2 dimensions, 1 object, 2 accelerations)
1) A projectile is thrown with a wind. The wind...
asked 2 hours ago -
Brian makes $34,100 per year. How much can Brian expect to
contribute to FICA taxes in...
asked 2 hours ago -
To buy a new house you must borrow $155,000. To do this you take
out a...
asked 3 hours ago -
Spacely Sprockets is evaluating the construction of a new plant
on land the company purchased for...
asked 3 hours ago -
1. Consider a linear regression model of y on K regressors and
an intercept.
(i) Describe...
asked 3 hours ago -
Enter a balanced equation for the reaction between hydrochloric
acid and sodium sulfite.
Express your answer...
asked 3 hours ago -
Give a regular expression describing the language
{x | x ∈ Σ* and x does not...
asked 3 hours ago -
Masses of 1.0 kg, 2.0 kg, and 3.0 kg are each separately subject
to a net...
asked 4 hours ago -
The mode of philosophical argumentation and thought. How do
philosophers think and write? What is important...
asked 4 hours ago -
At the beginning of the unit, you were asked whether you thought
it was appropriate or...
asked 4 hours ago