Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

accounting problems 3 please complete full chart 3 Required information The following information applies to the questions displayed below.] Part 3 of 4 Warnerwoods Company

accounting problems 3 please complete full chartimage text in transcribed

3 Required information The following information applies to the questions displayed below.] Part 3 of 4 Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. 3.57 Date Activities Units Acquired at Cost Units Sold at Retail points Mar . 1 Beginning inventory 5 Purchase 110 units @ $51.20 per unit 9 Sales 230 units e $56.20 per unit Mar. 18 Purchase 90 units e $61.20 per unit 270 units @ $86.20 per unit Mar . 25 Purchase Mar . 29 Sales 60 units @ $63.20 per unit eBook Totals 590 units 140 units @ $96.20 per unit 410 units References 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 70 units from beginning inventory and 200 units from the March 5 purchase; the March 29 sale consisted of 50 units from the March 18 purchase and 90 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 200 units from the March 5 purchase; the March 29 sale consisted of 50 units from the March 18 purchase and 90 units from the March 25 purchase. Specific Identification: Goods Purchased Cost of Goods Sold Inventory Balance Date # of Cost per # of units Cost per Cost of Goods Cost per units unit sold unit Sold # of units unit Inventory Balance March 1 110 @ $51.20 = $ 5,632.00 March 5 March 9 March 18 March 25 March 29 $ 0.00 Totals

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

Introduction to Managerial Accounting

Authors: Peter C. Brewer, Ray H. Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan

5th Canadian edition

77429494, 1259105709, 1260480798, 978-1259105708

More Books

Students also viewed these Accounting questions

Question

Answered: 1 week ago

Answered: 1 week ago