Question
Required information Skip to question [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the
Required information
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 | ||||
---|---|---|---|---|---|---|---|
March 1 | Beginning inventory | 250 | units | @ $54.00 per unit | |||
March 5 | Purchase | 300 | units | @ $59.00 per unit | |||
March 9 | Sales | 410 | units | @ $89.00 per unit | |||
March 18 | Purchase | 160 | units | @ $64.00 per unit | |||
March 25 | Purchase | 300 | units | @ $66.00 per unit | |||
March 29 | Sales | 280 | units | @ $99.00 per unit | |||
Totals | 1,010 | units | 690 | 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 140 units from beginning inventory and 270 units from the March 5 purchase; the March 29 sale consisted of 120 units from the March 18 purchase and 160 units from the March 25 purchase.
Compute 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, the March 9 sale consisted and 270 units from the March 5 purchase; the March 29 sale consisted of 120 units from the March 18 purchase and 160 units fr Complete this question by entering your answers in the tabs below. Compute the cost assigned to ending inventory using FIFO. Darnatial FIER. Perpetual LIFO: \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|} \hline \multirow{3}{*}{ Date } & \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 \\ $54.00 \end{tabular}} & \multicolumn{2}{|r|}{InventoryBalance} \\ \hline & & & & & & 250 & @ & & = & $13,500.00 \\ \hline \multicolumn{11}{|l|}{ March 5} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Total March 5} \\ \hline \multicolumn{11}{|l|}{ March 9} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Total March 9} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ March 18} \\ \hline \multicolumn{11}{|l|}{ Total March 18} \\ \hline \multicolumn{11}{|l|}{ March 25} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Total March 25} \\ \hline \multicolumn{11}{|l|}{ March 29} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Total March 29} \\ \hline Totals & & & & & 0.00 & & & & & \\ \hline \end{tabular}
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started