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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 250 units @ $54.00 per unit 300 units @ $59.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 410 units @ $89.00 per unit 160 units @ $64.00 per unit 300 units @ $66.00 per unit 280 units @ $99.00 per unit 690 units Totals 1,010 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. Cost of Goods Sold Inventory Balance Goods Purchased # of Cost per units unit Cost per Cost per Date # of units sold Cost of Goods Sold # of units Inventory Balance unit unit March 1 250 @ $ 54.00 $ 13,500.00 March 5 March 9 March 18 March 25 March 29 March 25 March 29 Totals $ 0.00
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