70.2K

Verified Solution

Link Copied!

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. For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 425 units from the March 5 purchase; the March 29 sale consisted of 95 units from the March 18 purchase and 175 units from the March 25 purchase. Problem 5.1A (Algo) Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) UFO, (c) weighted average, and ( d ) specific identification. Note: Round your "average cost per unit" to 2 decimal places. 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted averoge, and (d) specific identification. Note: Round your "average cost per unit" to 2 decimal places. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline \multirow[t]{2}{*}{ c) Averape Cost. } & \multicolumn{3}{|c|}{ Cost of Goods Available for 5 ale } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Ending Inventory } \\ \hline & \# of units & \begin{tabular}{c} Average \\ Cost per \\ unit \end{tabular} & \begin{tabular}{c} Cost of \\ Goods \\ Avallable \\ for Sale \end{tabular} & \begin{tabular}{l} Al of units \\ sold \end{tabular} & \begin{tabular}{l} Avorage \\ Cost per \\ Unit \end{tabular} & \begin{tabular}{l} Cost of \\ Coods \\ Sold \end{tabular} & \begin{tabular}{l} of units in \\ ending \\ inventory \end{tabular} & \begin{tabular}{c} Average \\ Cost per \\ unlt \end{tabular} & \begin{tabular}{c} Ending \\ Inventory \end{tabular} \\ \hline Beginning inventory & 155 & & $6,975 & & & & & & \\ \hline \multicolumn{10}{|l|}{ Purchases: } \\ \hline March 5 & 455 & & 22,750 & & & & & & \\ \hline March 18 & 230 & & 12,650 & & & & & & \\ \hline March 25 & 310 & & 17,670 & & & & & & \\ \hline Total & 1,150 & & $60,045 & & & $ & & & $ \\ \hline \multirow[t]{2}{*}{ d) Spocific Identification } & \multicolumn{3}{|c|}{ Cost of Goods Avaliable for Sale } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Ending Inventory } \\ \hline & \# of units & \begin{tabular}{c} Cost per \\ unit \end{tabular} & \begin{tabular}{l} Cost of \\ Goods \\ Avaliable \\ for Sale \end{tabular} & \begin{tabular}{l} \# of units \\ sold \end{tabular} & \begin{tabular}{c} Cost per \\ unit \end{tabular} & \begin{tabular}{l} Cost of \\ Goods \\ Sold \end{tabular} & \begin{tabular}{l} "of units in \\ ending \\ inventory \end{tabular} & \begin{tabular}{c} Cost per \\ unit \end{tabular} & \begin{tabular}{c} Ending \\ Inventory \end{tabular} \\ \hline Beginning inventory & 155 & 545.00 & $0.975 & & 545.00 & of & & $45.00 & $ \\ \hline Purchases: & & & & & & - & & & is. \\ \hline March 5 & 455 & 550.00 & 22,750 & & 550.00 & of & & $50.00 & 0 \\ \hline March 18 & 230 & $55.00 & 12,650 & & 555.00 & of & & $55.00 & 0 \\ \hline March 25 & 310 & 557.00 & 17,670 & & 557.00 & of & & \begin{tabular}{ll} $ & 57.00 \end{tabular} & 0 \\ \hline Total & 1.150 & & 560,045 & 0 & & & 0 & & \\ \hline \end{tabular} For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 425 units from the March 5 purchase; the March 29 sale consited of 95 units from the March 18 purchase and 175 units from the March 25 purchase. 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. 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. For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 425 units from the March 5 purchase; the March 29 sale consisted of 95 units from the March 18 purchase and 175 units from the March 25 purchase. Problem 5.1A (Algo) Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) UFO, (c) weighted average, and ( d ) specific identification. Note: Round your "average cost per unit" to 2 decimal places. 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted averoge, and (d) specific identification. Note: Round your "average cost per unit" to 2 decimal places. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline \multirow[t]{2}{*}{ c) Averape Cost. } & \multicolumn{3}{|c|}{ Cost of Goods Available for 5 ale } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Ending Inventory } \\ \hline & \# of units & \begin{tabular}{c} Average \\ Cost per \\ unit \end{tabular} & \begin{tabular}{c} Cost of \\ Goods \\ Avallable \\ for Sale \end{tabular} & \begin{tabular}{l} Al of units \\ sold \end{tabular} & \begin{tabular}{l} Avorage \\ Cost per \\ Unit \end{tabular} & \begin{tabular}{l} Cost of \\ Coods \\ Sold \end{tabular} & \begin{tabular}{l} of units in \\ ending \\ inventory \end{tabular} & \begin{tabular}{c} Average \\ Cost per \\ unlt \end{tabular} & \begin{tabular}{c} Ending \\ Inventory \end{tabular} \\ \hline Beginning inventory & 155 & & $6,975 & & & & & & \\ \hline \multicolumn{10}{|l|}{ Purchases: } \\ \hline March 5 & 455 & & 22,750 & & & & & & \\ \hline March 18 & 230 & & 12,650 & & & & & & \\ \hline March 25 & 310 & & 17,670 & & & & & & \\ \hline Total & 1,150 & & $60,045 & & & $ & & & $ \\ \hline \multirow[t]{2}{*}{ d) Spocific Identification } & \multicolumn{3}{|c|}{ Cost of Goods Avaliable for Sale } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Ending Inventory } \\ \hline & \# of units & \begin{tabular}{c} Cost per \\ unit \end{tabular} & \begin{tabular}{l} Cost of \\ Goods \\ Avaliable \\ for Sale \end{tabular} & \begin{tabular}{l} \# of units \\ sold \end{tabular} & \begin{tabular}{c} Cost per \\ unit \end{tabular} & \begin{tabular}{l} Cost of \\ Goods \\ Sold \end{tabular} & \begin{tabular}{l} "of units in \\ ending \\ inventory \end{tabular} & \begin{tabular}{c} Cost per \\ unit \end{tabular} & \begin{tabular}{c} Ending \\ Inventory \end{tabular} \\ \hline Beginning inventory & 155 & 545.00 & $0.975 & & 545.00 & of & & $45.00 & $ \\ \hline Purchases: & & & & & & - & & & is. \\ \hline March 5 & 455 & 550.00 & 22,750 & & 550.00 & of & & $50.00 & 0 \\ \hline March 18 & 230 & $55.00 & 12,650 & & 555.00 & of & & $55.00 & 0 \\ \hline March 25 & 310 & 557.00 & 17,670 & & 557.00 & of & & \begin{tabular}{ll} $ & 57.00 \end{tabular} & 0 \\ \hline Total & 1.150 & & 560,045 & 0 & & & 0 & & \\ \hline \end{tabular} For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 425 units from the March 5 purchase; the March 29 sale consited of 95 units from the March 18 purchase and 175 units from the March 25 purchase. 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

Answer & Explanation Solved by verified expert

See Answer