Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help. This is for Perpetual LIFO Required information The following information applies to the questions displayed below. Warnerwoods Company uses a perpetual inventory system.

Please help. This is for Perpetual LIFO

image text in transcribedimage 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 Activities Units Sold at Retail Units Acquired at Cost 160 units@ $52.20 per unit 255 units@ $57.20 per unit Mar 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 320 units@ $87.20 per unit 115 units@ $62.20 per unit 210 units@ $64.20 per unit 190 units $97.20 per unit 510 units Totals 740 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 95 units from beginning inventory and 225 units from the March 5 purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 115 units from the March 25 purchase Required information cost per unit # ot units sold cost per unit Cost per unit invento Date Cost of Goods Sold | # of units units Balance March 1 160 $52.20S8,352.00 160 $52.20 S 8,352.00 14,586.00 S 22,938.00 160 $52.20S8,352.00 160|@| $5720|=| $ 9.15200 S 17,504.00 160 $52.20S8,352.00 9,152.00 7,153.00 S 24,657.00 160| @ | $ 52 20 | = | $ 8,352.00 9,152.00 7,153.00 13,482.00 S 38,139.00 March 5 255$ 57.20 255$57.20 March 9 160! @| $52 20 | = | $ 8,352.00 9,152.00 S 17,504.00 16057.20- March 18 115$62.20 160|| @ | $ 57 20 | = 115 62.20- March 25 210 $64.20 160| @ | $57.201 = 115 $ 62.20 210 S 64.20 March 29 @ | $ 52.20 | = 57.20 @ | $62 201 = 64.20 0.00 0.00 0.00 0.00 S52.20 $57.20 $62.20 $64.20 Totals S 17.504.00

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

Step: 3

blur-text-image

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

Will You Be My Internal Audit Manager

Authors: Benito Gross

1st Edition

B09774C8CK, 979-8521636563

More Books

Students also viewed these Accounting questions