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 transactionsfor MarchDateMarch 1March 5March 9March 18March 25March 25Activitiesbeginning inventoryPurchaseSalesPurchasePurchaseBalesTotalsUnits Acquired at Cost553.60 per unit$50.60 per unit230 units290 units150 unit200 units350 units$63.60 per unit$45.00 per unitPerpetual FIFO Perpetual LIFO WeightedAverageSpecific dCompute the cost assigned to ending inventory using LIFOComplete this question by entering your answers in the tabs below.Units Bold at Retail390 units # $88.40 per unit3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (d) weighted average, and (d) specific identification. Forspecific identification, units sold include 130 units from beginning inventory, 260 units from the March 5 purchase. 110 units from theMarch 18 purchase, and 150 units from the March 25 purchase.245 unite198.60 per unit650 unita Required informationDateMarch 1March 5Total March 5March 9Total March 9March 18Total March 18March 25Total March 25March 29Total March 29TotalsGoods Purchasedof unitsCost perunit# of unitssoldPerpetual LIFOCost of Goods SoldCost per Cost of Goods Soldunit$0.00# of unitsInventory BalanceCost perunit$53.60230 atInventoryBalance$ 12,328.00

The inventory valuation is the accounting method adopted by the business entity to evaluate the cost…

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 9 March 1 March 25 Activition beginning lovestory Purchase Sales Purchase Purchase Sales Totale Perpetual FIFO Perpetual LIFO Average Units Acquired at Cost 230 unita153.40 per unit 250 units 58.40 per t $63.40 per unit 45.40 per unit Specific 14 150 200 units 350 white Uits Sold at Retail 3. Compute the cost assigned to ending inventory using Le FIFO, (LIFO, (d weighted average, and (d) specific identification For specific identification, units sold include 130 units from beginning inventory, 260 units from the March 5 purchase, 110 units from the March 18 purchase, and 150 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. 390 unite 11.40 per unit 241.60 per sit 650 unita

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 9 March 1 March 25 Activition beginning lovestory Purchase Sales Purchase Purchase Sales Totale Perpetual FIFO Perpetual LIFO Average Units Acquired at Cost 230 unita153.40 per unit 250 units 58.40 per t $63.40 per unit 45.40 per unit Specific 14 150 200 units 350 white Uits Sold at Retail 3. Compute the cost assigned to ending inventory using Le FIFO, (LIFO, (d weighted average, and (d) specific identification For specific identification, units sold include 130 units from beginning inventory, 260 units from the March 5 purchase, 110 units from the March 18 purchase, and 150 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. 390 unite 11.40 per unit 241.60 per sit 650 unita

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 4E: Inventory Write-Down The following information for Tuell Company is available: Required: 1. Assume...

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Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).
( Appendices 6A and 6B) Inventory Costing Methods Edwards Company began operations in February 2019. Edwards accounting records provide the following data for the remainder of 2019 for one of the items the company sells: Â Edwards uses a periodic inventory system. All purchases and sales were for cash. Required: 1. Compute cost of goods sold and the cost of ending inventory using FIFO. 2. Compute cost of goods sold and the cost of ending inventory using LIFO. 3. Compute cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 4. Prepare the journal entries to record these transactions assuming Edwards chooses to use the FIFO method. 5. CONCEPTUAL CONNECTION Which method would result in the lowest amount paid for taxes? 6. CONCEPTUAL CONNECTION Refer to Problem 6-67B and compare your results. What are the differences? Be sure to explain why the differences occurred.
Inventory Write-Down The following information for Tuell Company is available: Required: 1. Assume Tuell uses the LIFO cost flow assumption. What is the correct inventory value in each of the preceding situations under U.S. GAAP? 2. Assume Tuell uses the average cost inventory cost flow assumption. What is the correct inventory value in each of the preceding situations under U.S. GAAP? 3. Assume that Tuell uses the average cost inventory cost flow assumption. What is the correct inventory value in each of the preceding situations if Tuell uses IFRS?
Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the following data available for inventory, purchases, and sales for a recent year. Required: 1. Compute the cost of ending inventory and the cost of goods sold using the specific identification method. Assume the ending inventory is made up of 40 units from beginning inventory, 30 units from Purchase 1, 80 units from Purchase 2, and 40 units from Purchase 3. 2. Compute the cost of ending inventory and cost of goods sold using the FIFO inventory costing method. 3. Compute the cost of ending inventory and cost of goods sold using the LIFO inventory costing method. 4. Compute the cost of ending inventory and cost of goods sold using the average cost inventory costing method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 5. CONCEPTUAL CONNECTION Compare the ending inventory and cost of goods sold computed under all four methods. What can you conclude about the effects of the inventory costing methods on the balance sheet and the income statement?
Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual inventory system b. Periodic inventory system c. Both perpetual and periodic inventory systems Required: Match each option with one of the following: 1. Only revenue is recorded as sales are made during the period; the cost of goods sold is recorded at the end of the period. 2. Cost of goods sold is determined as each sale is made. 3. Inventory purchases are recorded in an inventory account. 4. Inventory purchases are recorded in a purchases account. 5. Cost of goods sold is determined only at the end of the period by subtracting the cost of ending inventory from the cost of goods available for sale. 6. Both revenue and cost of goods sold are recorded during the period as sales are made. 7. The inventory is verified by a physical count.
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 S March 9 March 18 March 25 March 29 Gross Margin Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Sales Less: Cost of goods sold Gross profit 69 60 FIFO LIFO Units Acquired at Cost 27.312 S 27.312 17.037 17.817 x 10,275 $ 9.495 S 60 units 265 units 65 units 110 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include units from beginning inventory, 175 units from the March 5 purchase, 25 units from the March 18 purchase, and 65 units from the M 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. 440 units Weighted Average @ $50.20 per unit @$55.20 per unit 17.291 10,021 @ $60.20 per…
Perpetual Inventory Using FIFOBeginning inventory, purchases, and sales for Item B901 are as follows:May 1Inventory42 units @ $249Sale35 units13Purchase31 units @ $2828Sale15 unitsAssuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 28 and (b) the inventory on May 31.a. Cost of merchandise sold on May 28$b. Inventory on May 31$
Judy Company uses the retail inventory method to approximate its ending inventory. The followinginformation is available for the current year:Cost RetailBeginning inventory 650,000 1,200,000Purchases 9,000,000 14,700,000Freight in 200,000Purchase returns 300,000 500,000Purchase allowance 150,000Departmental transfer in 200,000 300,000Net markups 300,000Net markdowns 1,000,000Sales 11,500,000Sales discounts 100,000Employee discounts 500,000 9. What should be reported as the estimated cost of ending inventory using the lower of average costor market? 10. What should be reported as estimated cost of ending inventory using the average cost approach onapplying retail inventory? Pls answer both questions thank youu :)
The following information is available for Sheridan Company: Sales Revenue $390800 Ending Inventory Purchases 38500 O$346500. O$285600. O $291800. $261800. 270800 Sheridan's cost of goods sold is Freight-In Purchase Returns and Allowances Beginning Inventory $30000 14800 44300
FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: DATA Beginning inventory Sale First purchase Sale Second purchase Sale Ending inventory Quantity 8,100 5,000 15,400 12,600 15,900 13,100 8,700 REQUIRED: a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO? a. FIFO method b. LIFO method Price Inventory Cost Using formulas and cell references from the problem data, perform the required analysis. Formulas entered in the green cells orange cells. Transfer amounts to CNOWv2 for grading. $160 $300 $167 Formulas $300 $172 $300
Judy Company uses the retail inventory method to approximate its ending inventory. The following information is available for the current year: Cost RetailBeginning inventory 650,000 1,200,000Purchases 9,000,000 14,700,000Freight in 200,000Purchase returns 300,000 500,000Purchase allowance 150,000Departmental transfer in 200,000 300,000Net markups 300,000Net markdowns 1,000,000Sales…