Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3 . Compute the cost assigned to ending inventory using Compute the cost assigned to ending inventory using LIFO. Perpetual FIFO Perpetual LIFO Weighted Average

3. Compute the cost assigned to ending inventory using Compute the cost assigned to ending inventory using LIFO. Perpetual FIFO Perpetual LIFO
Weighted
Average
Compute the cost assigned to ending inventory using weighted average.
Note: Round your average cost per unit to 2 decimal places.
Perpetual LIFO
Specific Id
Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 85 units from beginning inventor units from the March 5 purchase, 65 units from the March 18 purchase, and 105 units from the March 25 purchase.
\table[[Specific Identification],[Date,Goods Available for Sale,Cost of Goods Sold,Ending Inventory],[# of units,\table[[Cost per],[unit]],\table[[Cost of Good],[Available for],[Sale]],\table[[# of units],[sold]],,\table[[per],[it]],\table[[Cost of],[Goods Sold]],\table[[# of units],[in ending],[inventory]],,\table[[per],[nit]],,],[March 1,,,$,,$,0.00,$,,$,0.00,$,0],[March 5,,,,,,0.00,1,,,0.00,,0],[March 18,,,,,,0.00,0,,,0.00,,0],[March 25,,,,,,,,,,0.00,,0],[Total,0,,$,0,,,$,0,,,$,0]]
(a) FIFO,
(b) LIFO,
(c) weighted average, and
(d) specific identification. For specific identification, units sold include 85 units from beginning inventory, 215 units from the March 5 purchase, 65 units from the March 18 purchase, and 105 units from the March 25 purchase.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Outsourced Functions Risk Management In An Outsourced World

Authors: Mark Salamasick

1st Edition

0894137255, 9780894137259

More Books

Students also viewed these Accounting questions