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I need the inventory balance numbers to be explained, so PLEASE SHOW ALL WORK! Thank you!! Required information Problem 5-1A Perpetual: Alternative cost flows LO
I need the inventory balance numbers to be explained, so PLEASE SHOW ALL WORK! Thank you!!
Required information Problem 5-1A Perpetual: Alternative cost flows LO P1 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 Activities Units Sold at Retail Units Acquired at Cost 60 units $50.20 per unit 205 units $55.20 per unit Date Mar. Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 220 units $85.20 per unit 65 units $60.20 per unit 110 units $62.20 per unit 90 unitse $95.20 per unit 310 units Totals 440 units Problem 5-1A Part 3 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 45 units from beginning inventory and 175 units from the March 5 purchase; the March 29 sale consisted of 25 units from the March 18 purchase and 65 units from the March 25 purchase Perpetual FIFO: #of units Cost per unit # of units Sold Cost per unit Cost of Goods Sold f units 60 $50.20$3,012.00 Cost per Inventory Balance Date unit March 1 205 | @ $ 55.20 $50.20 55.20 March 5 March 9 March 18 March 25 March 29 Totals $ 0.00Step by Step Solution
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