Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I already have the fifo and lifo but i wasnt sure if you needed the information from there for the weighted average. i need the

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
I already have the fifo and lifo but i wasnt sure if you needed the information from there for the weighted average. i need the weighted average chart filled out with a number in every box that has a small blue triangle please
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 100 units @ $50.00 per unit 400 units @ $55.00 per unit Units Sold at Retail Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 420 units o $85.00 per unit 120 units @ $60.00 per unit 200 units @ $62.00 per unit 160 units@ $95.00 per unit 580 units 820 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 80 units from beginning inventory and 340 units from the March 5 purchase the March 29 sale consisted of 40 units from the March 18 purchase and 120 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 Cost of Goods Sold Goods Purchased # of units unit Cost per Cost per Cost per Date # of units sold Inventory Balance # of units Inventory unit Balance 100 $ 50.00 $ 5,000.00 unit Cost of Goods Sold March 1 Perpetual FIFO: Cost of Goods Sold Goods Purchased # of units unit Date Cost per # of units sold Cost per unit Cost of Goods Sold March 1 March 5 400 @ $ 55.00 Inventory Balance Cost per Inventory # of units unit Balance 1000 $ 50,00 $ 5,000.00 1001 $ 50,00 - $ 5,000.00 400 @ $ 55.00 22,000.00 $ 27,000.00 0 @ $ 50.00 80 @ $ 55.00 4,400.00 $ 4,400.00 March 9 $ 100 320 @ $50.00 $ 55.00 : 5,000.00 17,600.00 22,600.00 $ March 18 120 @ $60.00 0 D 80 @ 120 @ $ 50.00 $ 55.00 = $ 60.00 - 4,400.00 7,200.00 $ 11,600.00 March 25 200 @ $ 62.00 o@ 80 @ 120 200 @ $ 50.00 $ 55.00 $ 60.00 - $ 62.00 - 4,400.00 7,200.00 12,400.00 $ 24,000.00 March 29 80 @ 80 @ o @ $50.00 $ 55.00 $ 60.00 $ 6200 4,400.00 4,800.00 0.00 9,200.00 0 ol 40 @ 200 $ 50.00 $ 55.00 $ 60,00 - $ 62.00 $ 2,400.00 12,400.00 $ 14,800.00 $ 14,800.00 Totals $ 31,800.00 Perpetual LIFO: Inventory Balance Goods Purchased # of units unit Cost per Cost of Goods Sold Cost per Cost of Goods Sold unit Date # of units sold Cost per # of units Inventory Balance unit $ 50.00 March 1 100 $ 5,000.00 March 5 400 $ 55.00 $ 5,000.00 100 @ $ 50.00 = 400 @ $55.00 - 22,000.00 $ 27,000.00 March 9 W 20 @ 400 @ 4,000.00 $ 50.00 $55.00 $ 1,000.00 22,000.00 $ 23,000.00 4,000.00 March 18 120 @ $ 60.00 80 @ $50.00 $ o @ $55.00 - $ 80 @ $50.00 = $ 55.00 120 @ $ 60,00 - $ 4,000.00 7,200.00 11,200.00 March 25 200 $ 62.00 $ 4,000.00 80 @ 0 @ 120 @ 200 @ $50.00 $ 55.00 $ 60.00 = $62.00 7.200.00 12,400.00 23,600.00 $ March 29 $ $ 4,000.00 o @ 0 o @ 1601 $50.00 $ 55.00 $ 60.00 $ 62.00 0.00 0.00 0.00 9,920.00 9,920.00 80 @ 0 120 40 @ $50.00 - $ 55.00 $ 60.00 $ 62.00 = 7,200.00 2.480.00 13,680.00 $ $ Totals $ 32,920.00 $ 13,680.00 Weighted Perpetual FIFO Perpetual LIFO Specific Id Average Compute the cost assigned to ending Inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance #of Cost per # of units Cost per Cost per Dato units # of units unit sold unit Cost of Goods Sold unit Inventory Balance March 1 100 $ 50.00 = S 5,000.00 March 5 400 @ $ 55.00 @ $50.00 $ 55.00 Average 75 March 9 420 @ $ 54.00 $ 22,680.00 80 @ $ 54.00 $ 4,320.00 March 18 120 @ $ 60.00 80 @ $ 4,320.00 $ 54.00 = $ 60.00 Average 80 @ $ 4,320.00 March 25 200) @ $ 62,00 @ $ 62.00 0 160 @ $ 59,80 March 29 Totals 9,568.00 32,248.00 $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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