- Required Information The Following Information Applies To The Questions Displayed Below Warnerwoods Company Uses A Pe 1 (85.62 KiB) Viewed 4 times
Perpetual FIFO Perpetual LIFO Date Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: March 1 March 5 March 9 March 18 March 25 March 29 Totals Goods Purchased # of units X Weighted Average X x Cost per unit X Specific Id X # of units sold XX Cost of Goods Sold Cost per unit Cost of Goods Sold Perpetual FIFO 0.00 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. # of units 100 X X X X X X XX X XX Inventory Balance Cost per unit $ 64.00 Weighted Average > Inventory Balance $ 6,400.00
Complete this question by entering your answers in the tabs below. Weighted Average Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Perpetual FIFO Perpetual LIFO Weighted Average Perpetual: Date March 1 March 5 Average March 9 March 18 Average March 25 March 29 Totals Goods Purchased # of units X X Cost per unit X X X Specific Id # of units sold X X Cost of Goods Sold Cost per unit X Ⓡ Cost of Goods Sold 0.00 < Perpetual LIFO *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. # of units 100 XX X X XX X Ⓒ Inventory Balance Cost per unit S 64.00 Specific ld > × × = Inventory Balance $6,400.00
Perpetual FIFO Perpetual LIFO Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 80 and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the Specific Identification: Date March 1 March 5 March 9 March 18 March 25 March 29 Totals Goods Purchased # of units X Weighted Average X *Red text indicates no response was expe Cost per unit X X X # of units sold XX XX Cost of Goods Sold Cost per unit Cost of Goods Sold $ 0.00 < Weighted Average cell or a formula-hased calculation is incorrect: no points deducted # of units 100 XX XX XXX XXXX XXXX @ Inventory Balance Cost per unit S 64.00 Specific ld > Inventory Balance $ 6,400.00
6 Part 4 of 4 0/15 points awarded Scored = eBook Print References 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. Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase. Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Gross Margin Sales Less: Cost of goods sold Units Acquired at Cost 100 units@ $64.00 per unit 400 units@ $69.00 per unit FIFO 120 units@ $74.00 per unit 200 units @ $76.00 per unit 820 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 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 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.) LIFO Avg. Cost Spec. ID X x × X Gross profit X *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. X Units Sold at Retail 420 units@ $99.00 per unit 160 units@ $109.00 per unit 580 units X