Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Complete this questions by entering your answers in the below tabs. Perpetual Perpetual Weighted Specific LIFOAverage Id FIFO Compute the cost assigned to ending inventory

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Complete this questions by entering your answers in the below tabs. Perpetual Perpetual Weighted Specific LIFOAverage Id FIFO Compute the cost assigned to ending inventory using FIFO Perpetual FIFO Goods urchased Cost of Goods Sold Inventory Balance Cost | # of units per unit Cost per Cost unit 52.20 8,352.00 #of units Inventory Date sold unit Goods Sold | # of units March 1 160 @ 25557.20 160 March 5 52.208,352.00 7.20 14,586.0 22,938.0 March 9 16052.20 16057.20 8,352.00 52.20 - 9,152.0095 57.20 5,434.00 17,504.0 5,434.00 March 18 11562.20 O52.20 57.20 5,434.00 62.207,153.00 12,587.0 March 25 210 64.20 52.20 57.20 5,434.00 62.20 7,153.00 64.20 13,482.0 Complete this questions by entering your answers in the below tabS. Perpetual Perpetual Weighted Specific Id FIFO Compute the cost assigned to ending inventory using LIFO Perpetual LIFO LIFO Average Goods Purchased Cost of Goods Sold Inventory Balance Cost Cost of per unit l Goods Sold | # of units Cost Cost unit 52.20 8,352.00 #of units # of units sold Inventory Date unit March 1 March 5 160 @ 52.20 March 9 March 18 March 25 March 29 Totals $ 0.00 K Perpetual FIFO Weighted Average > and 225 units from the March 5 purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 115 units from the March 25 puro Complete this questions by entering your answers in the below tabs Perpetual Perpetual Weighted Specific FIFO LIFO Average Id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Cost of Goods Sold Inventory Balance Purchased Cost | # of units per unit Cost Cost of per unit l Goods Sold | # Cost of units per Inventory Balance 0 Date units sold unit March 1 602208,352.00 March 5 Average March 9 March 18 Average March 25 March 29 Totals 0.00 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 Units Acquired at Cost 160 units unit Units Sold at Retail Date Mar. 1 Mar. 5 Purchase Mar. 9 Sales Mar.18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities e $52.20 per Beginning inventory units unit 2 $57.20 per 320 units unit $87.20 per 115 units unit $62.20 per per 210 units $64.20 unit per 190 units $97.20 unit Totals 740 units 510 units 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 95 units from beginning inventory and 225 units from the March 5 purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 115 units from the March 25 purchase Complete this questions by entering your answers in the below tabs. Perpetual Perpetual Weighted Specific Id FTFn

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

Loose Leaf For Financial Accounting Fundamentals

Authors: John Wild, Ken Shaw, Barbara Chiappetta

6th Edition

1260151980, 978-1260151985

Students also viewed these Accounting questions

Question

Identify five strategies to prevent workplace bullying.

Answered: 1 week ago