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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 Units Sold at Retail Units acquired at Cost 170 units 0 $52.40 per unit 260 units @ $57. 40 per unit 330 units $87. 40 per unit Date Activities Har 1 Beginning inventory lar. 5 Purchase Har. 9 Sales lar. 18 Purchase Har. 25 Purchase lar. 29 Sales Totals 120 units $62.40 per unit 220 units 364.40 per unit 200 units @ 397.40 per unit 530 units 770 units Problem 6-1A Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (C) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 100 units from beginning inventory and 230 units from the March 5 purchase; the March 29 sale consisted of 80 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 Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Cost of Goods Sold Goods Purchased # of Cost per units unit Date # of units sold Cost per cost of Goods Sold unit unit March 1 Inventory Balance # of units Cost per Inventory Balance 170 @ $ 52.40 = $ 8,908.00 170 @ $ 52.40 = $ 8,908.00 260 @ $57.40 = 14,924.00 $ 23,832.00 March 5 260 @ $57.40 VoIPICE Uyuo V.. VEILLEREY YVu LED LUVUVIV. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold Cost per cost Cost of Goods Sold unit Date # of units sold March 1 March 5 260 @ $57.40 Inventory Balance # of units Cost per Inventory unit Balance 170 @ $52.40 = $ 8,908.00 170 @ $ 52.40 = $ 8,908.00 260 @ $57.40 = 14,924.00 $ 23,832.00 170 @ $ 52.40 = $ 8,908.00 220 @ $57.40 = 12,628.00 $ 21,536.00 March 9 $ 170 220 @ @ $ 52.40 $57.40 = = 8,908.00 12,628.00 | 21,536.00 $ March 18 120 @ $ 62.40 @ @ @ $ 52.40 $57.40 $ 62.40 March 25 March 29 Totals $ 21,536.00 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold Cost per cette unit Cost of Goods Sold # of units sold Date Inventory Balance # of units Cost per Inventory unit Balance 170 @ $ 52.40 = $ 8,908.00 March 1 March 5 March 9 March 18 March 25 March 29 Totals $ 0.00 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased # of Cost per Date units unit March 1 Cost of Goods Sold # of units Cost per c e per Cost of Goods Sold sold unit Inventory Balance # of units Cost per Inventory Balance 170 @ $52.40 = $ 8,908.00 March 5 Average March 9 March 18 Average March 25 March 29 Totals $ 0.00 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 100 units from and 230 units from the March 5 purchase; the March 29 sale consisted of 80 units from the March 18 purchase and 120 units from the March 25 Inventory Balance Specific Identification: Goods Purchased Cost of Goods Sold # of Cost per # of units Cost per cost of Goods Date units unit sold unit Sold March 1 # of units Cost per Inventory Balance Inventory Balance unit $ 52.40 = $ 8,908.00 170 @ March 5 March 9 J March 18 D J March 25 March 29 Totals $ 0.00 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. Units Sold at Retail Units Acquired at Cost 170 units $52. 40 per unit 260 units 0 $57.40 per unit 330 units 0 $87.40 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 0 $62.40 per unit 220 units @ $64. 40 per unit 200 units @ $97.40 per unit 530 units 770 units Problem 6-1A Part 4 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 100 units from beginning inventory and 230 units from the March 5 purchase; the March 29 sale consisted of 80 units from the March 18 purchase and 120 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) FIFO LIFO Avg. Cost Spec. ID Gross Margin Sales Less: Cost of goods sold Gross profit Required information Problem 6-2AA Periodic: Alternative cost flows LO P3 [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 160 units @ $50 per unit 460 units @ $55 per unit 480 units @ $85 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 240 units @ $60 per unit 320 units @ $62 per unit 280 units @ $95 per unit 760 units 1, 180 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. Problem 6-2AA Part 1 Required. 1. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale # of Units Cost per cost of Goods Available Unit for Sale Beginning inventory Purchases March 5 March 18 March 25 Total Required information Problem 6-2AA Periodic: Alternative cost flows LO P3 [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 160 units @ $50 per unit 460 units @ $55 per unit 480 units @ $85 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase 25 Purchase Mar. 29 Sales Totals 240 units @ $60 per unit 320 units@ $62 per unit 280 units @ $95 per unit 760 units 1, 180 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. Problem 6-2AA Part 2 2. Compute the number of units in ending inventory. Ending inventory units Required information Problem 6-2AA Periodic: Alternative cost flows LO P3 (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 160 units @ $50 per unit 460 units @ $55 per unit 480 units @ $85 per unit Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales lar. 18 Purchase Mar 25 Purchase Mar. 29 Sales Totals 240 units @ $60 per unit 320 units @ $62 per unit 280 units @ $95 per unit 760 units 1, 180 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. Problem 6-2AA Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (C) weighted average, and (d) specific identification. (Round your average cost per unit to 2 decimal places.) a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per Cost of Goods Available for Sale $ 0 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory unit $ 0.00 S 0 $ 0.00 $ 0 Beginning inventory Purchases March 5 March 18 March 25 Total $ $ 0.00 0.00 $ $ $ 0.00 0.00 0.00 b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory 0 Beginning inventory Purchases: March 5 March 18 March 25 Total c) Average Cost Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Average Goods # of units Cost per Available unit for Sale # of units sold Average Cost per Unit Cost of Goods Sold # of units Average in ending Cost per inventory unit Ending Inventory Beginning inventory Purchases: March 5 March 18 March 25 Total $ 0S 0 d) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per Cost of Goods Available for Sale # of units Cost per sold unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory unit $ 0 Beginning inventory Purchases: March 5 March 18 March 25 Total 0 1 0 Required information Problem 6-2AA Periodic: Alternative cost flows LO P3 (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 160 units @ $50 per unit 460 units @ $55 per unit 480 units @ $85 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 240 units @ $60 per unit 320 units @ $62 per unit 280 units @ $95 per unit 760 units 1, 180 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. Problem 6-2AA Part 4 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 and final answers to nearest whole dollar.) FIFO L IFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit $ 0 $ 0 S

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