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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. Date March 1 March 5 Activities Beginning inventory Purchase Units Acquired at Cost 240 units @$53.80 per unit Units Sold at Retail 295 units $58.80 per unit March 9 Sales 400 units @$88.80 per unit March 18 March 25 March 29, Purchase Purchase Sales 155 units 290 units @$63.80 per unit @$65.80 per unit Totals 980 units 270 units @ $98.80 per unit 670 units 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 135 units from beginning inventory, 265 units from the March 5 purchase, 115 units from the March 18 purchase, and 155 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Weighted Specific Id Perpetual FIFO Perpetual IFO Average Compute the cost assigned to ending inventory using LIFO. Goods Purchased Perpetual LIFO: Cost of Goods Sold 240 at Inventory Balance Cost per unit $53.80 Inventory Balance $ 12,912.00 Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units March 11 March 5 Total March 5 March 91 Total March 9
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