Question
How to solve Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Units Acquired at Mar.
How to solve
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Units Acquired at Mar. Mar. . 1B Mar 25 Mar. 29 Mar. Beginning inventory Purchase Sales Purchase Purchase Sales Totals 110 units @ 410 units @ 140 units @ 220 units @ units $45 $50 $55 $57 per per per per Cost unit unit unit Units Sold at Retail 430 units @ $BO per unit IBO units @ $90 per unit 610 units For specific identification, the March 9 sale consisted of 60 units from beginning inventory and 370 units from the March 5 purchase; the March 29 sale consisted of 50 units from the March 18 purchase and 130 units from the March 25 purchase. 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. Complete this question by entering your answers in the tabs below. Weighted Periodic FIFO Periodic UFO Average Specific ld Compute the cost assigned to ending inventory using specific identification. Cost of Goods Available for Sale Cost of Goods Sold Cost of # of units Cost per Goods sold unit Sold Ending Inventory entification Cost per # of units unit Beginning inventory Purchases: March 5 March 18 March 25 Total Cost of Goods Available for Sale # of units Cost per in ending unit inventory Ending Inventory
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