Question
Required Information. Problem 6-1A (Static) Perpetual: Alternative cost flows LO P1 [The following information applies to the questions displayed below.] Warnerwoods Company uses a
Required Information. Problem 6-1A (Static) Perpetual: Alternative cost flows LO P1 [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 March 1 March 5 March 9 March 18 March 25 March 29 Sales Purchase Purchase Sales Totals Activities Unita Acquired at Cost Units Sold at Retail Beginning inventory 100 units $50 per unit Purchase 400 units $55 per unit 420 units $85 per unit 120 units 200 units $60 per unit $62 per unit 160 units e $95 per unit 820 units 580 units Problem 6-1A (Static) 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, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase.
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