- Required Information Problem 5 1a Algo Periodic Alternative Cost Flows Lo P1 The Following Information Applies To Th 1 (66.42 KiB) Viewed 38 times
- Required Information Problem 5 1a Algo Periodic Alternative Cost Flows Lo P1 The Following Information Applies To Th 2 (52.85 KiB) Viewed 38 times
- Required Information Problem 5 1a Algo Periodic Alternative Cost Flows Lo P1 The Following Information Applies To Th 3 (73.38 KiB) Viewed 38 times
- Required Information Problem 5 1a Algo Periodic Alternative Cost Flows Lo P1 The Following Information Applies To Th 4 (78.19 KiB) Viewed 38 times
- Required Information Problem 5 1a Algo Periodic Alternative Cost Flows Lo P1 The Following Information Applies To Th 5 (63.08 KiB) Viewed 38 times
Required information Problem 5-1A (Algo) Periodic: Alternative cost flows LO P1 [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 March 11 March 5 March 91 March 18, March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Ending inventory Units Acquired at Cost 150 units@ $40 per unit 450 units @ $45 per unit 220 units 300 units 1,120 units Problem 5-1A (Algo) Part 2 2. Compute the number of units in ending inventory. units @ $50 per unit @ $52 per unit Units Sold at Retail For specific identification, the March 9 sale consisted of 40 units from beginning inventory and 430 units from the March 5 purchase, the March 29 sale consisted of 90 units from the March 18 purchase and 170 units from the March 25 purchase. 470 units @ $75 per unit 260 units @ $85 per unit 730 units
Problem 5-1A (Algo) Periodic: Alternative cost flows LO P1 [The following information applies to the questions displayed below.] Wamerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 a) Periodic FIFO Total Beginning inventory Purchases March 5 March 18 March 25 Activities. Beginning inventory Purchase Sales Purchase Purchase Sales Totals b) Periodic LIFO Units Acquired at Cost 150 units@ $40 per unit 450 units @ $45 per unit For specific identification, the March 9 sale consisted of 40 units from beginning inventory and 430 units from the March 5 purchase; the March 29 sale consisted of 90 units from the March 18 purchase and 170 units from the March 25 purchase. 220 units 300 units 1,120 units Problem 5-1A (Algo) Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO. (c) weighted average, and (d) specific identification. Note: Round your "average cost per unit" to 2 decimal places. # of units. Cost of Goods Available for Sale Cost of Goods Available for Sale $ Cost per unit 0 0 @ $50 per unit @ $52 per unit 0 0 Cost of Goods Available for Sale Cost of Cost of Goods Sold # of units sold 0 Cost per unit $ 55 0.00 $ 818 $ 0.00 Cost of Goods Sold $ 0.00 Cost of Goods Sold 478 units@ $75 per unit Cast al Units Sold at Retail 260 units @ $85 per unit 730 units G of 0 0 Ending Inventory # of units in ending inventory 0 In Cost per unit s 555 0.00 $ 0.00 0.00 0.00 Ending Inventory Ending Inventory 0 0 0 0
Required information b) Periodic LIFO Beginning inventory Purchases: March 5 March 18 March 25 Total c) Average Cost Beginning inventory Purchases: March 5 March 18 March 25 Total d) Specific Identification Beginning inventory Purchases March 5 March 18 March 25 Total Cost of Goods Available for Sale Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Available for Sale Cost of Goods Available for Sale Average # of units Cost per unit Cost of Goods Available for Sale Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Sold # of units sold # of units sold Cost per unit Cost of Goods Sold Average Cost per Unit # of units sold Cost of Goods Sold Cost per unit Cost of Goods Sold Cost of Goods Sold $ Cost of Goods Sold S of 0 0 0 Ending Inventory # of units in ending inventory Ending Inventory Average Cost per unit # of units in ending inventory Cost per unit Ending Inventory of units in ending inventory Cost per unit Ending Inventory $ Ending Inventory Ending Inventory 0 0 0 0 0 0 0 0
Required information Problem 5-1A (Algo) Periodic: Alternative cost flows LO P1 [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 March 1 March 5 March 9- March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales. Totals Sales Less: Cost of goods sold Gross profit S FIFO Units Acquired at Cost 150 units@ $40 per unit 450 units @ $45 per unit 0 $ 220 units 300 units 1,120 units For specific identification, the March 9 sale consisted of 40 units from beginning inventory and 430 units from the March 5 purchase: the March 29 sale consisted of 90 units from the March 18 purchase and 170 units from the March 25 purchase. LIFO Problem 5-1A (Algo) Part 4 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar. @ $50 per unit @ $52 per unit Weighted Average 0 $ Specific Identification Units Sold at Retail 0 $ 478 units @ $75 per unit 0 260 units @ $85 per unit 730 units