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A physical inventory of liverpool company taken at december 31 reveals the following.

13/11/2020 Client: papadok01 Deadline: 24 Hours

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


170

units

@ $52.40/unit



Mar.

5


Purchase


260

units

@ $57.40/unit



Mar.

9


Sales


330

units

@$87.40/unit


Mar.

18


Purchase


120

units

@ $62.40/unit



Mar.

25


Purchase


220

units

@$64.40/unit



Mar.

29


Sales


200

units

@$97.40/unit





Totals


770

units


530

units





1.

Required:

1.

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


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 100 units from beginning inventory and 230 units from the March 5 purchase; the March 29 sale consisted of 80 units from the March 18 purchase and 120 units from the March 25 purchase.(Round your average cost per unit to 2 decimal places.)

4.

Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 100 units from beginning inventory and 230 units from the March 5 purchase; the March 29 sale consisted of 80 units from the March 18 purchase and 120 units from the March 25 purchase.(Round your final answers to two decimal places.)

A physical inventory of Liverpool Company taken at December 31 reveals the following.


Per Unit


Item

Units

Cost

Market

Audio equipment


Receivers

349

$

104

$

94

CD players

264


125


115

MP3 players

330


100


90

Speakers

208


45


56

Video equipment


Handheld LCDs

484


129


154

VCRs

295


88


97

Camcorders

216


326


314

Car audio equipment


Satellite radios

189


88


74

CD/MP3 radios

174


109


101

2.

If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account.(If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)

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