Question
please help me fix this I would really appreciate it if you could explain the process for the wrong item [The following information applies to
please help me fix this I would really appreciate it if you could explain the process for the wrong item
[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 | 100 | units | @ $51.00 per unit | |||||||
Mar. | 5 | Purchase | 400 | units | @ $56.00 per unit | |||||||
Mar. | 9 | Sales | 420 | units | @ $86.00 per unit | |||||||
Mar. | 18 | Purchase | 120 | units | @ $61.00 per unit | |||||||
Mar. | 25 | Purchase | 200 | units | @ $63.00 per unit | |||||||
Mar. | 29 | Sales | 160 | units | @ $96.00 per unit | |||||||
Totals | 820 | units | 580 | 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 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.(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.
Perpetual LIFO: Goods Purchased Cost # of units per unit # of units Cost of Goods Sold Cost Cost of Goods per Sold unit Date sold Inventory Balance Cost # of units Inventory per Balance unit $ 100 @ 51.00 $ 5,100.00 March 1 = March 5 400 @ $ 56.00 100 @ = $ 5,100.00 IS 51.00 $ 56.00 400 @ 22,400.00 $27,500.00 March 9 340 X @ $ 17,340.00 80 @ $ 4,080.00 $ 51.00 $ 56.00 S 51.00 $ 56.00 340 X @ 19.040.00 0@ = $ 36,380.00 $ 4,080.00 0 March 18 120 @ $ 61.00 o 80 @ $ 51.00 $ 4,080.00 0@ 120 @ 56.00 $ 61.00 7,320.0 $ 11,400.00 March 25 200 @ 80 @ = $ 4,080.00 63.00 @ $ 51.00 $ 56.00 $ 61.00 $ 63.00 120 @ 7,320.00 200@ 12,600.00 $ 24,000.00 March 29 0 @ Is 0.00 oxl@ $ 51.00 40 X @ 2,240.00 0@ 56.00 $ 51.00 $ 56.00 $ 61.00 $ 63.00 80 X @ 4,880.00 40 X @ 2,440.00 61.00 S 63.00 0X @ 0.00 200 Xl @ 12,600.00 $ 7,120.00 $ 15,040.00 Totals $ 43,500.00 $ 15,040.00Step by Step Solution
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