Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please only WEIGHTED AVERAGE & SPECIFIC IDENTIFICATION ways 44 ative Refer to the information in Problem 6-1A and assume the periodic inventory system is used.

Please only WEIGHTED AVERAGE & SPECIFIC IDENTIFICATION ways image text in transcribed
image text in transcribed
44 ative Refer to the information in Problem 6-1A and assume the periodic inventory system is used. Required 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory. 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO. () weighted average, and (d) specific identification. (Round all amounts to cents.) Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. (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.) Date Activities Units Sold at Retail Units Acquired at Cost 100 units @ $50.00 per unit 400 units a $55.00 per unit Mar. 1 Mar. 5 Mar. 9 Mar. 18 Mar. 25 Mar. 29 420 units a $85.00 per unit Beginning inventory.. Purchase Sales Purchase Purchase Sales Totals. 120 units @ $60.00 per unit 200 units @ $62.00 per unit 820 units 160 units o $95.00 per unit 580 units

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

Accounting Ethics A Practical Approach

Authors: Howard J Levine

1st Edition

0692112898, 9780692112892

More Books

Students also viewed these Accounting questions