Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I don't know what I'm missing here but I think I am missing more answers here, and there's one answer that I got wrong. O
I don't know what I'm missing here but I think I am missing more answers here, and there's one answer that I got wrong.
O 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 Activities Units Acquired at Cost Units sold at Retail Mar. 1 Beginning inventory 180 units @ $5e.ee per unit Mar. 5 Purchase 480 units @ $55.ce per unit 9 Sales 420 units @ $85.ce per unit Mar. 18 Purchase 120 units @ $60.ee per unit Mar. 25 Purchase 200 units @ $62.80 per unit Mar. 29 Sales 160 units@ $95.ee per unit 580 units Mar. Totals 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 questions by entering your answers in the below tabs. Perpetual Foro Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased #of Cost units unit Cost of Goods Sold Cost # of units Cost of sold per unit Goods Sold Date per # of units March 1 100 @) = Inventory Balance Cost Inventory per unit Balance IS 50.00 $5,000.00 s 50.00 $5,000.00 55.00 22,000.00 $ 27,000.00 March 5 S 400 le 55.00 100@ 400 S S March 9 100 50.00 50.00 $ 55.00 5,000.00 0.00 @ 80 @ 4,400.00 55.00 $ 5,000.00 $ 4,400.00 March 18 120 80.00 80@ $ 50.00 $ 55.00 $ 80.00 4.400.00 120 l " 7.200.00 $ 11,600.00 S March 25 200 62.00 50.00 $ 80 @ @ @ 4.400.00 120 l 7,200.00 55.00 $ 80.00 $ 62.00 200@ 12.400.00 $ 24,000.00 March 29 @) @l $ 50.00 $ 0.00 50.00 $ 55.00 $ 60.00 @ @ 0.00 40 @ 2.400.00 55.00 $ 80.00 $ 82.00 $ 0.00 62.00 200@ 12.400.00 IS 14,800.00 $ 14.800.00 Totals 5,000.00 Perpetual FIFO Perpetual LIFO > Perpetual FIFO Perpetual LIFO Weighted Average Specific id Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Date #of units Cost per unit # of units sold Cost per unit Cost of Goods Sold #of units Inventory Balance Cost Inventory per Balance unit $ = $5,000.00 50.00 March 1 100 March 5 400Ol@ 55.00 100l $5,000.00 $ 50.00 $ 55.00 400 = 22.000.00 27.000.00 March 9 $ 0.00 80@ = $ 4,000.00 50.00 $ 55.00 $ 50.00 $ 55.00 0.00 @ = $ 4,000.00 March 18 120 l 80@ = $ 4,000.00 60.00 @ @ $ 50.00 $ 55.00 S 80.00 120@ 7.200.00 S 11,200.00 March 26 200 > = 80 l > @) $ 4,000.00 62.00 $ 50.00 $ 55.00 @ 120 = 7,200.00 60.00 $ 62.00 200@ 12.400.00 23,600.00 March 29 @ = $ 0.00 80e = $ 4,000.00 @) 0.00 @ $ 50.00 $ 55.00 $ 80.00 $ 62.00 50.00 $ 55.00 $ 60.00 0.00 120 7,200.00 . @ 0.00 40@ 62.00 2.480.00 13,680.00 $ 13.680.00 Totals $ 0.00 = a 22.080.00 $ 54.00 $ 4,320.00 $ 54.00 $ 54.00 S March 18 120 80 80.00 @ $ 4.320.00 120@ 60.00 $ 58.00 Average 200 x = March 25 200@ > $ 62.00 200@ = 7,200.00 $ 11.520.00 S 11,600.00 12.400.00 IS 24,000.00 200 @ $ 58.00 $ 82.00 $ 59.80 $ 59.80 = 400 > March 29 160 Is 59.80 240@ > = $ 14,352.00 $ 9.588.00 $ 32.248.00 Totals Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 purchase. Specific Identification: Goods Purchased Date # of units Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold Cost per unit March 1 March 5 400 IS 55.00 Inventory Balance Cost #of units Inventory per Balance unit S 100 50.00 $5,000.00 s 100@ $5,000.00 50.00 $ 400 55.00 22,000.00 $ 27,000.00 S 20@ $ 1,000.00 50.00 S 80 @ $ 3,300.00 55.00 $ 4,300.00 @@@ > March 9 80 > @ = $ 4.000.00 $ 50.00 $ 55.00 340 18.700.00 IS 22.700.00 March 18 120 l IS 80.00 > 20@ = $ 1.000.00 @ @ 60 > $ 50.00 $ 55.00 $ 60.00 3,300.00 120 > @) 7,200.00 $ 11,500.00 March 25 200 20@ 62.00 = $ 1,000.00 80 = 3,300.00 50.00 $ 55.00 $ 80.00 $ 62.00 120 = 7,200.00 200 > = @) 12.400.00 $ 23.900.00 March 29 @) $ 0.00 20 = $ 1,000.00 $ 50.00 $ 55.00 0.00 " 80@ $ 50.00 $ 55.00 $ 80.00 3.300.00 @ @ $ " 40@ 2.400.00 80@ 4,800.00 120@ 60.00 $ 62.00 7,440.00 80e 62.00 $ 9.840.00 4.980.00 $ 14.080.00 $ 14.080.00 Totals 32.540.00Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started