Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

! Required information (The following information applies to the questions displayed below.) Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

! Required information (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 Units Sold at Retail Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 160 units @ $52.20 per unit 255 units @ $57.20 per unit 115 units @ $62.20 per unit 210 units @ $64.20 per unit 320 units @ $87.20 per unit 190 units @ $97.20 per unit 510 units 740 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (c) specific identification. For specific identification, units sold include 95 units from beginning inventory, 225 units from the March 5 purchase, 75 units from the March 18 purchase, and 115 units from the March 25 purchase. Date Goods Purchased # of units Cost per unit Cost of Goods Sold Cost Cost of Goods Sold # of units sold Inventory Balance Cost # of units Inventory per unit Balance 160 at $ 52.20 = $ 8,352.00 per unit March 1 March 5 Total March 5 March Total March 9 March 18 Total March 18 March 25 Total March 25 March 20 Total March 20 Totals S 0.00 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Date Cost Cost per # of units sold Cost per unit Cost of Goods Sold unit Inventory Balance March 1 160 at $ 52.20 = 8,352.00 # of units # of units per unit S March 5 Average March 5 March 9 March 18 Average March 18 March 25 Average March 25 March 29 Totals s 0.00 Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Specific Id Average Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 95 units from beginning inventory, units from the March 5 purchase, 75 units from the March 18 purchase, and 115 units from the March 25 purchase. Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory Date Cost per Cost of Goods # of units Cost per Cost of # of units Cost per Available for Ending unit sold unit inventory unit Inventory March 1 $ 0.00 $ 0.00 March 5 0.00 0.00 March 18 0.00 0.00 March 25 0 0.00 0 Total # of units Sale Goods Sold in ending S 0 0 S S 0 0 0 0 0 0 0 S 0 0 $ 0 0 S 0

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

Advanced Accounting

Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik

10th edition

0-07-794127-6, 978-0-07-79412, 978-0077431808

Students also viewed these Accounting questions