Homework Answers
Solution 4:
| Computation of ending inventory COGS under FIFO - Warnerwoods Co | ||||||||||||
| Date | Beginning Inventory | Purchase | Cost of Goods Sold | Ending Inventory | ||||||||
| Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | |
| 1-Mar | 240 | $53.80 | $12,912.00 | 0 | $0.00 | $0.00 | 0 | $0.00 | $0.00 | 240 | $53.80 | $12,912.00 |
| 5-Mar | 240 | $53.80 | $12,912.00 | 295 | $58.80 | $17,346.00 | 0 | $0.00 | $0.00 | 240 | $53.80 | $12,912.00 |
| 295 | $58.80 | $17,346.00 | ||||||||||
| 9-Mar | 240 | $53.80 | $12,912.00 | 0 | $0.00 | $0.00 | 240 | $53.80 | $12,912.00 | 135 | $58.80 | $7,938.00 |
| 295 | $58.80 | $17,346.00 | 160 | $58.80 | $9,408.00 | |||||||
| 18-Mar | 135 | $58.80 | $7,938.00 | 155 | $63.80 | $9,889.00 | 0 | $0.00 | $0.00 | 135 | $58.80 | $7,938.00 |
| 155 | $63.80 | $9,889.00 | ||||||||||
| 25-Mar | 135 | $58.80 | $7,938.00 | 290 | $65.80 | $19,082.00 | 0 | $0.00 | $0.00 | 135 | $58.80 | $7,938.00 |
| 155 | $63.80 | $9,889.00 | 155 | $63.80 | $9,889.00 | |||||||
| 290 | $65.80 | $19,082.00 | ||||||||||
| 29-Mar | 135 | $58.80 | $7,938.00 | 0 | $0.00 | $0.00 | 135 | $58.80 | $7,938.00 | 20 | $63.80 | $1,276.00 |
| 155 | $63.80 | $9,889.00 | 135 | $63.80 | $8,613.00 | 290 | $65.80 | $19,082.00 | ||||
| 290 | $65.80 | $19,082.00 | ||||||||||
| Total | 670 | $38,871.00 | 310 | $20,358.00 | ||||||||
| Computation of ending inventory COGS under LIFO - Warnerwoods Co | ||||||||||||
| Date | Beginning Inventory | Purchase | Cost of Goods Sold | Ending Inventory | ||||||||
| Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | |
| 1-Mar | 240 | $53.80 | $12,912.00 | 0 | $0.00 | $0.00 | 0 | $0.00 | $0.00 | 240 | $53.80 | $12,912.00 |
| 5-Mar | 240 | $53.80 | $12,912.00 | 295 | $58.80 | $17,346.00 | 0 | $0.00 | $0.00 | 240 | $53.80 | $12,912.00 |
| 295 | $58.80 | $17,346.00 | ||||||||||
| 9-Mar | 240 | $53.80 | $12,912.00 | 0 | $0.00 | $0.00 | 295 | $58.80 | $17,346.00 | 135 | $53.80 | $7,263.00 |
| 295 | $58.80 | $17,346.00 | 105 | $53.80 | $5,649.00 | |||||||
| 18-Mar | 135 | $53.80 | $7,263.00 | 155 | $63.80 | $9,889.00 | 0 | $0.00 | $0.00 | 135 | $53.80 | $7,263.00 |
| 155 | $63.80 | $9,889.00 | ||||||||||
| 25-Mar | 135 | $53.80 | $7,263.00 | 290 | $65.80 | $19,082.00 | 0 | $0.00 | $0.00 | 135 | $53.80 | $7,263.00 |
| 155 | $63.80 | $9,889.00 | 155 | $63.80 | $9,889.00 | |||||||
| 290 | $65.80 | $19,082.00 | ||||||||||
| 29-Mar | 135 | $53.80 | $7,263.00 | 0 | $0.00 | $0.00 | 270 | $65.80 | $17,766.00 | 135 | $53.80 | $7,263.00 |
| 155 | $63.80 | $9,889.00 | 155 | $63.80 | $9,889.00 | |||||||
| 290 | $65.80 | $19,082.00 | 20 | $65.80 | $1,316.00 | |||||||
| Total | 670 | $40,761.00 | 310 | $18,468.00 | ||||||||
| Computation of ending inventory COGS under Weighted Average Cost - Warnerwoods Company | ||||||||||||
| Date | Beginning Inventory | Purchase | Cost of Goods Sold | Ending Inventory | ||||||||
| Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | |
| 1-Mar | 240 | $53.80 | $12,912 | 0 | $0.00 | $0 | 0 | $0.00 | $0 | 240 | $53.80 | $12,912 |
| 5-Mar | 240 | $53.80 | $12,912 | 295 | $58.80 | $17,346 | 0 | $0.00 | $0 | 535 | $56.56 | $30,258 |
| 9-Mar | 535 | $56.56 | $30,258 | 0 | $0.00 | $0 | 400 | $56.56 | $22,623 | 135 | $56.56 | $7,635 |
| 18-Mar | 135 | $56.56 | $7,635 | 155 | $63.80 | $9,889 | 0 | $0.00 | $0 | 290 | $60.43 | $17,524 |
| 25-Mar | 290 | $60.43 | $17,524 | 290 | $65.80 | $19,082 | 0 | $0.00 | $0 | 580 | $63.11 | $36,606 |
| 29-Mar | 580 | $63.11 | $36,606 | 0 | $0.00 | $0 | 270 | $63.11 | $17,041 | 310 | $63.11 | $19,565 |
| Total | 670 | $39,664 | 310 | $19,565 | ||||||||
| Computation of COGS and ending inventory - Specific identification | |||||||||
| Particulars | Cost of goods available for sale | Cost of goods sold | Ending Inventory | ||||||
| Nos of units | Unit Cost | Cost of goods available for sale | Nos of units sold | Unit Cost | Cost of goods sold | Nos of units in ending inventory | Unit Cost | Ending inventory | |
| Beginning inventory | 240 | $53.80 | $12,912 | 135 | $53.80 | $7,263.00 | 105 | $53.80 | $5,649.00 |
| Purchases: | |||||||||
| 5-Mar | 295 | $58.80 | $17,346 | 265 | $58.80 | $15,582.00 | 30 | $58.80 | $1,764.00 |
| 18-Mar | 155 | $63.80 | $9,889 | 115 | $63.80 | $7,337.00 | 40 | $63.80 | $2,552.00 |
| 25-Mar | 290 | $65.80 | $19,082 | 155 | $65.80 | $10,199.00 | 135 | $65.80 | $8,883.00 |
| Total | 980 | $59,229 | 670 | $40,381.00 | 310 | $18,848.00 | |||
| Computation of Gross Profit | ||||
| Particulars | FIFO | LIFO | Weighted Average | Specific Identification |
| Sales | $62,196 | $62,196 | $62,196 | $62,196 |
| Cost of goods sold | $38,871 | $40,761 | $39,664 | $40,381 |
| Gross Profit (Sales - COGS) | $23,325 | $21,435 | $22,532 | $21,815 |
Add Answer to:
Required information The following information applies to the questions displayed below Warnerwoods Company uses a perpetual...
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual...
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 Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 240 units @ $53.80 per unit Mar. 5 Purchase 295 units @ $58.80 per unit Mar. 9 Sales 400 units @ $88.80 per unit Mar. 18 Purchase 155 units @ $63.80 per unit Mar. 25 Purchase 290...
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual...
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 Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 240 units @ $53.80 per unit Mar. 5 Purchase 295 units @ $58.80 per unit Mar. 9 Sales 400 units @ $88.80 per unit Mar. 18 Purchase 155 units @ $63.80 per unit Mar. 25 Purchase 290...
[The following information applies to the questions displayed below.) Warnerwoods Company uses a perpetual inventory system....
[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 Units Sold at Retail Units Acquired at Cost 240 units e$53.80 per unit 295 units e $58.80 per unit. 400 units e $88.80 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 155 units & $63.80 per unit...
Required information The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual...
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 Units Sold at Retail Units Acquired at Cost 240 units@ $53.80 per unit 295 units @ $58.89 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9. Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 400 units@ $88.80 per unit 155 units @ $63.89 per...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions...
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 240 units @ $53.80 per unit Mar. 5 Purchase 295 units @ $58.89 per unit Mar 9 Sales 400 units @ $88.80 per unit Mar. 18 Purchase 155 units @ $63.80 per unit Mar. 25 Purchase 290 units@ $65.80 per unit Mar. 29 Sales 278 units @ $98.80...
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual...
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. Units Sold at Retail Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit 250 units @ $85.80 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 80 units @...
Required information [The following information applies to the questions displayed below.) Warnerwoods Company uses a perpetual...
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. Units Sold at Retail Units Acquired at Cost 100 units @ $51.00 per unit 225 units @ $56.00 per unit 260 units @ $86.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 85 units @...
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual...
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 Units Sold at Retail Units Acquired at Cost 60 units @ $50.20 per unit 205 units @ $55.20 per unit 220 units @ $85.20 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 65 units @...
Required information (The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual...
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. Units Sold at Retail Units Acquired at Cost 150 units @ $52.00 per unit 250 units @ $57.00 per unit 310 units @ $87.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 110 units @...
Required information (The following information applies to the questions displayed below.) Warnerwoods Company uses a perpetual...
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. Units Sold at Retail Units Acquired at Cost 110 units @ $51.20 per unit 230 units @ $56.20 per unit 270 units @ $86.20 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 90 units @...
[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 Units Sold at Retail Units Acquired at Cost 240 units e$53.80 per unit 295 units e $58.80 per unit. 400 units e $88.80 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 155 units & $63.80 per unit...
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 Units Sold at Retail Units Acquired at Cost 240 units@ $53.80 per unit 295 units @ $58.89 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9. Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 400 units@ $88.80 per unit 155 units @ $63.89 per...
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 240 units @ $53.80 per unit Mar. 5 Purchase 295 units @ $58.89 per unit Mar 9 Sales 400 units @ $88.80 per unit Mar. 18 Purchase 155 units @ $63.80 per unit Mar. 25 Purchase 290 units@ $65.80 per unit Mar. 29 Sales 278 units @ $98.80...
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. Units Sold at Retail Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit 250 units @ $85.80 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 80 units @...
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. Units Sold at Retail Units Acquired at Cost 100 units @ $51.00 per unit 225 units @ $56.00 per unit 260 units @ $86.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 85 units @...
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 Units Sold at Retail Units Acquired at Cost 60 units @ $50.20 per unit 205 units @ $55.20 per unit 220 units @ $85.20 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 65 units @...
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. Units Sold at Retail Units Acquired at Cost 150 units @ $52.00 per unit 250 units @ $57.00 per unit 310 units @ $87.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 110 units @...
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. Units Sold at Retail Units Acquired at Cost 110 units @ $51.20 per unit 230 units @ $56.20 per unit 270 units @ $86.20 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 90 units @...
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