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
I need help filling the table!!
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.)
|
I need help filling the table!!
Related questions
Required information
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.
