Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions...
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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 Sales Activities Units Sold at Retail Beginning inventory Purchase Purchase March 29 Sales Totals Units Acquired at Cost 70 units @ $50.40 per unit 210 units @ $55.40 per unit 70 units @ $60.40 per unit 120 units @ $62.40 per unit 230 units @ $85.40 per unit 470 units 100 units @ $95.40 per unit 330 units March 25 Purchase 3. 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 50 units from beginning inventory, 180 units from the March 5 purchase, 30 units from the March 18 purchase, and 70 units from the March 25 purchase. Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 Sales Activities Units Sold at Retail Beginning inventory Purchase Purchase March 29 Sales Totals Units Acquired at Cost 70 units @ $50.40 per unit 210 units @ $55.40 per unit 70 units @ $60.40 per unit 120 units @ $62.40 per unit 230 units @ $85.40 per unit 470 units 100 units @ $95.40 per unit 330 units March 25 Purchase 3. 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 50 units from beginning inventory, 180 units from the March 5 purchase, 30 units from the March 18 purchase, and 70 units from the March 25 purchase.
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To compute the cost assigned to ending inventory using different cost flow assumptions lets analyze the transactions using FIFO LIFO weighted average and specific identification methods a FIFO FirstIn ... View the full answer
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