Required information Problem 5 1A Perpetual Alternative cost flows LO P1 Skip to question Problem 5 1A Perpetual Alternative cost flows LO P1 Skip to question 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 140 units $51 80 per unit Mar 5 Purchase 245 units $56 80 per unit Mar 9 Sales 300 units $86 80 per unit Mar 18 Purchase 105 units $61 80 per unit Mar 25 Purchase 190 units $63 80 per unit Mar 29 Sales 170 units $96 80 per unit Totals 680 units 470 units 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 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 85 units from beginning inventory and 215 units from the March 5 purchase the March 29 sale consisted of 65 units from the March 18 purchase and 105 units from the March 25 purchase

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Required information Problem 5-1A Perpetual: Alternative cost flows LO P1 Skip to question Problem 5-1A Perpetual: Alternative cost flows LO P1 Skip to question [The

Required information

Problem 5-1A Perpetual: Alternative cost flows LO P1

Skip to question

Problem 5-1A Perpetual: Alternative cost flows LO P1

Skip to question

[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.

Beginning inventory

140

units

@ $51.80 per unit

Mar.

Purchase

245

units

@ $56.80 per unit

Mar.

Sales

300

units

@ $86.80 per unit

Mar.

Purchase

105

units

@ $61.80 per unit

Mar.

Purchase

190

units

@ $63.80 per unit

Mar.

Sales

170

units

@ $96.80 per unit

Totals

680

units

470

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 85 units from beginning inventory and 215 units from the March 5 purchase; the March 29 sale consisted of 65 units from the March 18 purchase and 105 units from the March 25 purchase.