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ACCT 211 Week 3 Chapter 5 Problem | Accounting Assignment Help | Liberty University - Just Question Answer

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ACCT 211 Week 3 Chapter 5 Problem | Accounting Assignment Help |  Liberty University  - Just Question Answer
ACCT 211 Week 3 Chapter 5 Problem | Accounting Assignment Help | Liberty University

Chapter 5 Problems



Ø Question 1

[The following information applies to the questions displayed below.]

Warner woods 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





140


units


@ $51.80 per unit
















Mar.


5





Purchase





245


units


@ $56.80 per unit
















Mar.


9





Sales

















300


units


@ $86.80 per unit




Mar.


18





Purchase





105


units


@ $61.80 per unit
















Mar.


25





Purchase





190


units


@ $63.80 per unit
















Mar.


29





Sales

















170


units


@ $96.80 per unit













Totals





680


units








470


units








Required:
1. Compute cost of goods available for sale and the number of units available for sale.



Ø Question 2



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





140


units


@ $51.80 per unit
















Mar.


5





Purchase





245


units


@ $56.80 per unit
















Mar.


9





Sales

















300


units


@ $86.80 per unit




Mar.


18





Purchase





105


units


@ $61.80 per unit
















Mar.


25





Purchase





190


units


@ $63.80 per unit
















Mar.


29





Sales

















170


units


@ $96.80 per unit













Totals





680


units








470


units




2. Compute the number of units in ending inventory.



Ø Question 3



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





140


units


@ $51.80 per unit
















Mar.


5





Purchase





245


units


@ $56.80 per unit
















Mar.


9





Sales

















300


units


@ $86.80 per unit




Mar.


18





Purchase





105


units


@ $61.80 per unit
















Mar.


25





Purchase





190


units


@ $63.80 per unit
















Mar.


29





Sales

















170


units


@ $96.80 per unit













Totals





680


units








470


units






3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 85 units from beginning inventory and 215 units from the March 5 purchase; the March 29 sale consisted of 65 units from the March 18 purchase and 105 units from the March 25 purchase.









ACCT 211 Week 3 Chapter 5 Problem | Accounting Assignment Help |
Liberty University

Chapter 5 Problems Question 1[The
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