Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PLEASE SOMEONE ANSWER THESE RIGHT THERE FROM THE SAME QUESTION. Required information [The following information applies to the questions displaycd below] Wainerwoods Company uses a

PLEASE SOMEONE ANSWER THESE RIGHT THERE FROM THE SAME QUESTION.
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Required information [The following information applies to the questions displaycd below] Wainerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LFO, (c) weighted average, and (d) specific identification. For pecific identification, units sold include 125 units from beginning inventory, 255 units from the March 5 purchase, 105 units from the Aarch 18 purchase, and 145 units from the March 25 purchase. Perpetual FIFO: \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|} \hline \multirow{3}{*}{DateMarch1} & \multicolumn{2}{|c|}{ Goods Purchased } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{5}{|c|}{ Inventory Balance } \\ \hline & \# of units. & \multirow[t]{2}{*}{Costperunit} & #ofunitssold & \multirow[t]{2}{*}{Costperunit} & Cost of Goods Sold & \multicolumn{2}{|c|}{ \# of units } & \multirow{2}{*}{\begin{tabular}{|c|} Costperunit \\ $53.40 \\ \end{tabular}} & \multicolumn{2}{|r|}{InventoryBalance} \\ \hline & & & & & & 220 & at & & = & $11,748.00 \\ \hline \multirow{2}{*}{\multicolumn{11}{|c|}{ March 5 . }} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Total March 5} \\ \hline \multirow{2}{*}{\multicolumn{11}{|c|}{ March 9}} \\ \hline & & & & & & & & & - & \\ \hline Total March 9 & & & - & & & & & & & \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ March 18} \\ \hline & & & & & & & & & & \\ \hline Total March 18 & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline \multirow{2}{*}{\multicolumn{11}{|c|}{ March 25}} \\ \hline & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Total March 25} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ March 29} \\ \hline Maren 29 & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Total March 29} \\ \hline Totals & & & 1 & T & 0.00 & & & & & \\ \hline \end{tabular} Comput the cost assigned to ending inventory using weighted average. Note: Round your average cost per unit to 2 decimal places. Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 125 units from beginning inventory, 255 units from the March 5 purchase, 105 units from the March 18 purchase, and 145 ungs from the March 25 purchase

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

Frank Woods Business Accounting Volume 1

Authors: Alan Sangster, Frank Wood

13th Edition

1292084669, 9781292084664

More Books

Students also viewed these Accounting questions

Question

Draw a labelled diagram of the Dicot stem.

Answered: 1 week ago

Question

What are all the ways you count or measure customer complaints?

Answered: 1 week ago

Question

Do your staff and customers know these examples?

Answered: 1 week ago