Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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, units sold include 120 units from 5 purchase, 100 units from the March 18 purchase, and 140 units from the March 25 purchase. Specific Identification: Goods Purchased Cost of Goods Sold Date of units Cost per unit March 1 March 5 210 at $53.20 Goods Puchased . $ 11,172 # of units sold unit Cost per Cost of Goods Sold Inventory Balance Cost per # of units Inventory Balance) unit at $53.20 $ 0.00 at $53.20 $ 0.00 280 at $58.20 16,296 at $58.20 at $58.20 March 18 140 at $ 63.20 8,848 at $63.20 0.00 at $63.20 0.00 March 251 260 at $65.20 $ 16,952 at $65.20 at $65.20 Totals $ 0.00 $ 0.00 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 weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Rate # of units Goods Purchased Cost per unit Cost of Goods Sold # of units soldi Cost per unit Cost of Goods Sold of units March 1 210 at Inventory Balance Cost per unit $83.20 Inventory Balance $ 11,172.00 March 5 Average March 5 March 9 March 18 Average March 18 March 25 Average March 25 March 29 Totals $58.20 $ 0.00 Perpetual FIFO Perpetual LIFO weighted Average Specific Id Compute the cost assigned to ending inventory using LIFO. Goods Purchased Perpetual LIFO: Cost of Goods Sold Date #of units Cost per # of units unit sold Cost per unit Cost of Goods Sold # of units March 1 210 at March 5 Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Total March 25, March 29- Total March 29 Totals $ 0.00 Inventory Balance Cost per unit $53.20= Inventory, Balance $ 11,172.00 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units March 1 280 at $58.20 March 5 Total March 5 210 at $53.20 = Inventory Balance Cost per unit Inventory. Balance $ 11,172.00 210 at $53.20= $ 11,172.00 280 at $58.20= 16,296.00 $ 27,468.00 March 9 Total March 9 140 at $63.20 March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals 260 at $65.20 210 at 160 at $53.20 $58.20 $ 11,172.00 0 at = 9,312.00 40 at $53.20 $58.20 = $ 20,484.00 0 120 120 0 at $53.20 at $ 58.20 at $63.20 at $ 53.20 at $58.20 at $63.20 at $ 65.20 $ 20,484.00 Perpetual FIFO Perpetual LIFO > 2,328.00 $ 2,328.00 Required information [The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Date March 1 March 5 Activities Purchase $58.20 per unit Unite Sold at Retail Units Acquired at Cost beginning inventory 210 units $53.20 per unit 280 units March Sales March 18 March 25 March 29 Salen 370 units $88.20 per unit Purchase Purchase 140 units 260 units $63.20 per unit $65.20 per unit Totals 890 units 240 units $98.20 per unit 610 units 3. Compute the cost assigned to ending iner

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

The Effective Controller In The 21st Century Accounting Strategies For Business Management

Authors: Yanyong Thammatucharee

1st Edition

1439217424, 978-1439217429

More Books

Students also viewed these Accounting questions