Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help? Required information The following information applies to the questions displayed below) Warnerwoods Company uses a perpetual inventory system. It entered into the following

please help? image text in transcribed
image text in transcribed
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 Sold at Retail Units Acquired at Cost 250 units @ $54.00 per unit 300 units @ $59.00 per unit 410 units@ $89.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 160 units @ $64.00 per unit 300 units $66.00 per unit 280 units @ $99.00 per unit 690 units 1,010 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 140 units from beginning inventory and 270 units from the March 5 purchase the March 29 sale consisted of 120 units from the March 18 purchase and 160 units from the March 25 purchase. LUULE LE LUDLU Required information Cost of Goods Sold Inventory Balance Goods Purchased Cost per units Inventory Date of units sold Cost per Cost of Goods Sold per # of units March 1 13.500.00 March 5 300 e 5000 2504 250 @ 300 @ 54.00 80.00 13,500.00 17.700.00 31,200.00 $ 7.500.00 March 54.00 13,500.00 1403 250 300 @ @ 50.00 17.700.00 3 31 200.00 60.00 $7.500.00 March 18 100 @ 84.000 100 ml 38.640.00 $ 8.640.00 March 25

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Integral Audit Acceptions Objectives And Practices

Authors: David Pavón, Catalina Rueda

1st Edition

6206302083, 978-6206302087

More Books

Students also viewed these Accounting questions