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Problem 5-1A Perpetual: Alternative cost flows LO P1

[The following information applies to the questionsdisplayed below.]

Warnerwoods Company uses a perpetual inventory system. It enteredinto the following purchases and sales transactions forMarch.

Date Activities Units Acquired at Cost Units Sold at Retail
Mar. 1 Beginninginventory 130 units @ $51.60 perunit
Mar. 5 Purchase 240 units @ $56.60 per unit
Mar. 9 Sales 290 units @ $86.60 per unit
Mar. 18 Purchase 100 units @ $61.60 per unit
Mar. 25 Purchase 180 units @ $63.60 per unit
Mar. 29 Sales 160 units @ $96.60 per unit
Totals 650 units 450 units

Problem 5-1A Part 3

3. Compute the cost assigned to endinginventory using weighted average and specific identification. Forspecific identification, the March 9 sale consisted of 80 unitsfrom beginning inventory and 210 units from the March 5 purchase;the March 29 sale consisted of 60 units from the March 18 purchaseand 100 units from the March 25 purchase.

I need weghted average and Specific ID.

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Jean Keeling
Jean KeelingLv2
28 Sep 2019

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Problem 6-2AA Periodic: Alternative cost flows LO P3

[The following information applies to the questionsdisplayed below.]

Warnerwoods Company uses a periodic inventory system. It enteredinto the following purchases and sales transactions forMarch.

Date Activities Units Acquired at Cost Units Sold at Retail
Mar. 1 Beginninginventory 200 units @ $90 per unit
Mar. 5 Purchase 500 units @ $95 per unit
Mar. 9 Sales 520 units @ $125 per unit
Mar. 18 Purchase 320 units @ $100 per unit
Mar. 25 Purchase 400 units @ $102 per unit
Mar. 29 Sales 360 units @ $135 per unit
Totals 1,420 units 880 units

For specific identification, the March 9 sale consisted of 70units from beginning inventory and 450 units from the March 5purchase; the March 29 sale consisted of 140 units from the March18 purchase and 220 units from the March 25 purchase.

Required.
Part one. Compute cost of goods available for saleand the number of units available for sale.

Part two. Compute the number of units in endinginventory.

Part three. Compute the cost assigned to endinginventory using (a) FIFO, (b) LIFO, (c)weighted average, and (d) specific identification.(Round your average cost per unit to 2 decimalplaces.)

Part four. Compute gross profit earned by thecompany for each of the four costing methods. (Round youraverage cost per unit to 2 decimal places and final answers tonearest whole dollar.)

Required information

Problem 6-1A Perpetual: Alternative cost flows LO P1

[The following information applies to the questionsdisplayed below.]

Warnerwoods Company uses a perpetual inventory system. It enteredinto the following purchases and sales transactions forMarch.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Mar.

1

Beginning inventory

100

units

@ $50.00 per unit

Mar.

5

Purchase

400

units

@ $55.00 per unit

Mar.

9

Sales

420

units

@ $85.00 per unit

Mar.

18

Purchase

120

units

@ $60.00 per unit

Mar.

25

Purchase

200

units

@ $62.00 per unit

Mar.

29

Sales

160

units

@ $95.00 per unit

Totals

820

units

580

units

3. Compute the cost assigned to endinginventory using (a) FIFO, (b) LIFO, (c)weighted average, and (d) specific identification. Forspecific identification, the March 9 sale consisted of 80 unitsfrom beginning inventory and 340 units from the March 5 purchase;the March 29 sale consisted of 40 units from the March 18 purchaseand 120 units from the March 25 purchase.

Complete this questions by entering your answers in thebelow tabs.

Perpetual FIFO

Perpetual LIFO

Weighted Average

Specific Id

Compute the cost assigned to ending inventory using FIFO.

Perpetual FIFO:

Goods Purchased

Cost of Goods Sold

Inventory Balance

Date

# of units

Cost per unit

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

March 1

100

@

$50.00

=

$5,000.00

March 5

March 9

March 18

March 25

March 29

Totals

$0.00

$0.00

Complete this questions by entering your answers in thebelow tabs.

Perpetual FIFO

Perpetual LIFO

Weighted Average

Specific Id

Compute the cost assigned to ending inventory using LIFO.

Perpetual LIFO:

Goods Purchased

Cost of Goods Sold

Inventory Balance

Date

# of units

Cost per unit

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

March 1

100

@

$50.00

=

$5,000.00

March 5

March 9

March 18

March 25

March 29

Totals

$0.00

Perpetual FIFO

Weighted

Complete this questions by entering your answers in thebelow tabs.

Perpetual FIFO

Perpetual LIFO

Weighted Average

Specific Id

Compute the cost assigned to ending inventory using weightedaverage. (Round your average cost per unit to 2 decimalplaces.)

Weighted Average Perpetual:

Goods Purchased

Cost of Goods Sold

Inventory Balance

Date

# of units

Cost per unit

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

March 1

100

@

$50.00

=

$5,000.00

March 5

Average

March 9

March 18

Average

March 25

March 29

Totals

$0.00

Perpetual LIFO

Compute the cost assigned to ending inventory using specificidentification. For specific identification, the March 9 saleconsisted of 80 units from beginning inventory and 340 units fromthe March 5 purchase; the March 29 sale consisted of 40 units fromthe March 18 purchase and 120 units from the March 25 purchase.

Specific Identification:

Goods Purchased

Cost of Goods Sold

Inventory Balance

Date

# of units

Cost per unit

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

March 1

100

@

$50.00

=

$5,000.00

March 5

March 9

March 18

March 25

March 29

Totals

$0.00

Weighted Average

Sp

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 160 units @ $52.20 per unit
Mar. 5 Purchase 255 units @ $57.20 per unit
Mar. 9 Sales 320 units @ $87.20 per unit
Mar. 18 Purchase 115 units @ $62.20 per unit
Mar. 25 Purchase 210 units @ $64.20 per unit
Mar. 29 Sales 190 units @ $97.20 per unit
Totals 740 units 510 units

4.Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 95 units from beginning inventory and 225 units from the March 5 purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 115 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)

Gross Margin FIFO LIFO Avg. Cost Spec. ID
Sales
Less: Cost of goods sold
Gross profit

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