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need help w/ perpetual FIFO , LIFO , weighted average Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales
need help w/ perpetual FIFO , LIFO , weighted average
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units sold at Retail Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 100 units $se per unit 400 units $55 per unit 120 units $60 per unit 200 units $62 per unit 420 units $85 per unit 160 units 580 units $95 per unit 820 units 3. Compute the cost assigned to ending inventory using (a) FIFO.(6) LIFO. (C) weighted average, and (c) specific identification. For specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. Answer is not complete. 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 LIFO. Goods Purchased Cost # of units unit Date Perpetual LIFO Cost of Goods Sold Cost Cost of Goods per Sold unit Cost per # of units sold of units March 1 100 at Inventory Balance per Inventory unit Balance 50.00 $ 5,000.00 $ 50.00 $ 5,000.00 $ 55.00 22,000.00 $ 27,000.00 400 at 100 at 55.00 March 5 400 lat Total March 5 20 at $ 1,000.00 80 at $ 4,000.00 March 9 50.00 S 55.00 50.00 $ 55.00 400 al 400 X at = $ 22,000.00 22.000,00 $ 23,000.00 $ 26,000.00 Total March 9 120 80 lat $ 4,000.00 al 60.00 50.00 $ 55.00 400 X at 22,000.00 March 18 120 at 60.00 7,200.00 $ 33,200.00 Total March 18 Step by Step Solution
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