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 Date Activities Units Acquired at Cost March 1 Beginning inventory 60 units @ $50.20 per unit March 5 Purchase 205 units @ $55.20 per unit March 9 Sales 220 units @ $85.20 per unit March 18 Purchase 65 units @ $60.20 per unit March 25 Purchase 110 units @ $62.20 per unit March 29 Sales Totals 440 units 90 units @ $95.20 per unit 310 units . Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 45 units from beginning inventory, 175 units from the March 5 purchase, 25 units from the March 18 purchase, and 65 units from the March 25 purchase: Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Averagespecific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per # of units Cost per Cost of Goods Sold # of units Cost per Inventory unit sold unit unit Balance March 1 60 at $ 50.20 $ 3,012.00
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Required information [The following information applies to the questions displayed below.] Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug. 1 Inventory on hand-2,100 units; cost $6.20 each. 8 Purchased 10,500 units for $5.60 each. 14 Sold 8,400 units for $12.10 each. 18 Purchased 6,300 units for $5.40 each. 25 Sold 7,400 units for $11.10 each. 28 Purchased 4,100 units for $5.80 each. 31 Inventory on hand-7,200 units. Required: 1. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using the FIFO method.
Akash M.
12 part 2
Breanna O.
Table 1 Assume the following data for ABC Company Sales for November 2023: Beginning inventory: 10 units at $7 each Nov. 1 purchase: 15 units at $9 each Sale: 20 units at $15 each Nov. 2 purchase: 20 units at $10 each Sale: 12 units at $15 each Nov. 3 purchase: 12 units at $11 each Sale: 10 units at $16 each On November 30, a physical count reveals 15 units on hand. 2) Refer to Table 1. Calculate ending inventory for ABC Company Sales assuming the perpetual moving-weighted-average-cost method is being used. 3) Refer to Table 1. Calculate gross margin for ABC Company Sales assuming the perpetual moving-weighted-average-cost method is being used. 4) Refer to Table 1. Calculate ending inventory for ABC Company Sales assuming the perpetual FIFO cost method is being used. 5) Refer to Table 1. Calculate gross margin for ABC Company Sales assuming the perpetual FIFO cost method is being used.
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