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! 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 March 1 March 5 March 9 March 18 March 25 March 29 Gross Margin Activities Beginning inventory Purchase Sales Less: Cost of goods sold Gross profit Sales Purchase Purchase Sales Totals FIFO Units Acquired at Cost @sse per unit @$55 per unit 100 units 400 units 120 units 200 units 820 units LIFO @s60 per unit @362 per unit 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80 units from beginning inventory. 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. (Round weighted average cost per unit to 2 decimal places.) Weighted Average Units Sold at Retail 428 units 160 units. 588 units Specific ID $85 per unit $95 per unit
Navajo Company's year-end financial statements show the following. The company recently discovered that in making physical counts of Inventory. It had made the following errors: Year 1 ending Inventory is understated by $70,000 and Year 2 ending Inventory is overstated by $40,000. For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Year 11 $ 745,000 288,000 1,267,000 1,407,000 Year 2 $ 975,000 295,000 1,380,000 1,600,000 Year 3 $ 810,000 270,000 1,250,000 1,265,000 Required: 1. For each key financial statement figure-(a). (b). (c), and (d) above-prepare a table to show the adjustments necessary to correct the reported amounts. 2. What is the total error in combined net income for the three-year period resulting from the inventory errors? Complete this question by entering your answers in the tabs below.
Required 1 Required 2 For each key financial statement figure-(a), (b), (c), and (d) above-prepare a table to show the adjustments necessary to correct the reported amounts. (Amounts to be deducted must be entered with a minus sign.) Year 2 Year 3 Cost of goods sold: Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2 error Corrected amount Net income: Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2 error Corrected amount Total current assets; Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2 error Corrected amount Equity: Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2-error Corrected amount $ $ Year 1 S S 0 D $ S 0 S 0 $ 0 S OS OS 0 Required 2 > 0 0
Navajo Company's year-end financial statements show the following. The company recently discovered that in making physical counts of Inventory, it had made the following errors: Year 1 ending Inventory is understated by $70,000 and Year 2 ending inventory is overstated by $40,000. For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Year 1 $ 745,000 288,000. 1,267,000 1,407,000 Required 1 Required 2 Year 2 $ 975,000 295,000 1,380,000 1,600,000 Required: 1. For each key financial statement figure-(a). (b). (c), and (d) above-prepare a table to show the adjustments necessary to correct the reported amounts. 2. What is the total error in combined net income for the three-year period resulting from the inventory errors? Year 3 $ 810,000 270,000 1,250,000 1,265,000 Complete this question by entering your answers in the tabs below. < Required 1 What is the total error in combined net income for the three-year period resulting from the inventory errors? Emor in total net income of three years