k%20-%20Weees202%20(includes%20Chapters%204, 6)html Question text nventory Costing Methods and the Perpetual Method McKay & Company experienced the following events in March: Event Units Unit Cost Total Cost - Mar. 1 Purchased inventory 100 $25 Mar 3 Sold inventory Mar 15 Purchased inventory 100$28 $2,800 Mar 20 Sold inventory 60 40 Assume the perpetual inventory system is used. Use the weighted-average inventory costing method Round weighted-average cost per unit to two decimal places. Use rounded answer for subsequent calculations. Round all other answers to the nearest dollar. to calculate the company's cost of goods sold and ending inventory as of March 31 March 3 Cost of goods sold March 20 Weighted-average cost per unit $ Cost of goods sold S Answer larch 31 Total cost of goods sold Ending inventory S Answer edback orrect
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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.
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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.
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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.)
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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.
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Weighted Average
Sp
Calculating Weighted-Average Cost Inventory Values
The Mann Corporation began operations in 2015. Informationrelating to the companyâs purchases of inventory and sales ofproducts for 2015 and 2016 is presented below
2015 | ||||||
---|---|---|---|---|---|---|
March 1 | Purchase | 200 | units | @ | $10 | per unit |
June 1 | Sold | 120 | units | @ | $25 | per unit |
September 1 | Purchase | 100 | units | @ | $14 | per unit |
November 1 | Sold | 130 | units | @ | $25 | per unit |
2016 | ||||||
---|---|---|---|---|---|---|
March 1 | Purchase | 100 | units | @ | $16 | per unit |
June 1 | Sold | 80 | units | @ | $30 | per unit |
September 1 | Purchase | 100 | units | @ | $18 | per unit |
November 1 | Sold | 100 | units | @ | $35 | per unit |
Calculate the weighted-average cost of goods sold and endinginventory for 2015 and 2016 assuming use of (a) the periodic methodand (b) the perpetual method.
a. Weighted-Average Periodic. Do not round your cost per unit.Do not round until your final answer. Round your answers to thenearest whole number.
2015 | |
---|---|
Cost of goods sold | $Answer |
Ending inventory | $Answer |
2016 | |
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Cost of goods sold | $Answer |
Ending inventory | $Answer |
b. Weighted-Average Perpetual. Do not round your cost per unit.Do not round until your final answer. Round your answers to thenearest whole number.
2015 | |
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Cost of goods sold | $Answer |
Ending inventory | $Answer |
2016 | |
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Cost of goods sold | $Answer |
Ending inventory |