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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
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 Units Acquired at Cost 230 units @ $53.60 per unit 290 units @ $58.60 per unit 390 units @ $88.60 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 150 units @ $63.60 per unit 280 units @ $65.60 per unit 260 units @ $98.60 per unit 650 units 950 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 130 units from beginning inventory and 260 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 150 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased # of Cost units per unit Cost of Goods Sold Cost Cost of Goods Sold per unit Cost of Goods Sold # of units sold Date Inventory Balance # of units #of units Cost Inventory 230 @ $53.60 = $ 12,328.00 March 1 March 5 290 @ $58.60 @ $53.60 @ $58.60 March 9 March 18 March 25 March 29 $ 0.00 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 130 units from beginning inventory and 260 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 150 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. 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 Date # of Cost units per unit March 1 Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold Inventory Balance # of units Cost Inventory per unit Balance 230 @ $53.60 = $ 12,328.00 March 5 Average March 9 March 18 Average March 25 March 29 Totals 0.00 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 130 units from beginning inventory and 260 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 150 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 130 units fra inventory and 260 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 150 units from ti purchase. Specific Identification: Goods Purchased Date # of Cost per unit March 1 Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold # of units Inventory Balance Inventory Balance per unit @ $53.60 = $ 12,328.00 Cost | 230 March 5 March 9 March 18 March 25 $ 0.00
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