Lopez Company reported the following current-year data for its
only product. The company uses a periodic inventory system, and its
ending inventory consists of 390 units—130 from each of the last
three purchases.
Jan. | 1 | Beginning inventory | 230 | units | @ $3.20 | = | $ | 736 |
Mar. | 7 | Purchase | 500 | units | @ $3.75 | = | 1,875 | |
July | 28 | Purchase | 1,140 | units | @ $3.70 | = | 4,218 | |
Oct. | 3 | Purchase | 1,020 | units | @ $4.60 | = | 4,692 | |
Dec. | 19 | Purchase | 440 | units | @ $4.10 | = | 1,804 | |
Totals | 3,330 | units | $ | 13,325 | ||||
Determine the cost assigned to ending inventory and to cost of
goods sold for the following. (Do not round intermediate
calculations and round your answers to 2 decimal
places.)
Which method yields the highest net income?
LIFO
Weighted average
Specific identification
FIFO
____________________________________________________
Required information
[The following information applies to the questions displayed below.]
Warnerwoods Company uses a periodic 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 | 160 | units | @ $50 per unit | |||||||||
Mar. | 5 | Purchase | 460 | units | @ $55 per unit | |||||||||
Mar. | 9 | Sales | 480 | units | @ $85 per unit | |||||||||
Mar. | 18 | Purchase | 240 | units | @ $60 per unit | |||||||||
Mar. | 25 | Purchase | 320 | units | @ $62 per unit | |||||||||
Mar. | 29 | Sales | 280 | units | @ $95 per unit | |||||||||
Totals | 1,180 | units | 760 | units | ||||||||||
For specific identification, the March 9 sale consisted of 60 units from beginning inventory and 420 units from the March 5 purchase; the March 29 sale consisted of 100 units from the March 18 purchase and 180 units from the March 25 purchase.
Required:
1. Compute cost of goods available for sale and
the number of units available for sale.
Lopez Company reported the following current-year data for its only product. The company uses a periodic...
Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 390 units—130 from each of the last three purchases. Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase Totals 230 units @ $3.20 500 units @ $3.75 1,140 units @ $3.70 1,020 units @ $4.60 440 units @ $4.10 3,330 units = $ 736 = 1,875 = 4,218 =...
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Activities Units Sold at Retail Date Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Units Acquired at Cost 145 units$80.00 per unit 445 units$85.00 per unit 465 units $115.00 per unit 210 units $90.00 per unit 290 units $92.00 per unit 250 units$125.00 per unit 715 units Totals 1,090 units For...
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...
[The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic 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 140 units @ $75 per unit Mar. 5 Purchase 440 units @ $80 per unit Mar. 9 Sales 460 units @ $110 per unit Mar. 18 Purchase 200 units @ $85 per unit Mar. 25 Purchase 280 units @...
Required information [The following information applies to the questions displayed below.) Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 180 units @ $70 per unit 480 units @ $75 per unit 500 units @ $105 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 280 units @...
Required information (The following information applies to the questions displayed below.) Warnerwoods Company uses a periodic 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 @...
Required information (The following information applies to the questions displayed below.) Warnerwoods Company uses a periodic 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 135 units @ $70 per unit Mar. 5 Purchase 435 units @ $75 per unit Mar. 9 Sales 455 unitse $105 per unit Mar. 18 Purchase 190 units @ $80 per unit Mar. 25 Purchase 270 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 @...
Required information [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 Units Acquired at Cost 170 units @ $52.40 per unit 260 units @ $57.40 per unit Mar. Units Sold at Retail Date Activities Mar. 1 Beginning inventory 5 Purchase Mar 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 330 units@ $87.40 per unit 120 units@ $62.40 per...
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 @...