Date March 1 March 5 Activities Beginning inventory Purchase Purchase Purchase March 9 Sales March 18...

Transcribed Image Text:

Date March 1 March 5 Activities Beginning inventory Purchase Purchase Purchase March 9 Sales March 18 March 25 March 29 Sales Totals Units Acquired at Cost 190 units @$52.80 per unit 270 units @ $57.80 per unit 130 units @$62.80 per unit 240 units @ $64.80 per unit 830 units Units Sold at Retail 350 units @ $87.80 per unit 220 units @$97.80 per unit 570 units 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 110 units from beginning inventory, 240 units from the March 5 purchase, 90 units from the March 18 purchase, and 130 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 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 190 at $52.80 = Inventory Balance Cost per unit Inventory Balance $ 10,032.00 March 1 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 Date March 1 March 5 Activities Beginning inventory Purchase Purchase Purchase March 9 Sales March 18 March 25 March 29 Sales Totals Units Acquired at Cost 190 units @$52.80 per unit 270 units @ $57.80 per unit 130 units @$62.80 per unit 240 units @ $64.80 per unit 830 units Units Sold at Retail 350 units @ $87.80 per unit 220 units @$97.80 per unit 570 units 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 110 units from beginning inventory, 240 units from the March 5 purchase, 90 units from the March 18 purchase, and 130 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 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 190 at $52.80 = Inventory Balance Cost per unit Inventory Balance $ 10,032.00 March 1 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