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 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 March 9 Sales March 18 March 25 March 29 Purchase Purchase Sales Totals Units Acquired at Cost 210 units $53.20 per unit 280 units @ $58.20 per unit 140 units @$63.20 per unit 260 units @$65.20 per unit 890 units Units Sold at Retail 370 units @ $88.20 per unit 240 units @ $98.20 per unit 610 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (c) specific identification. For specific identification, the March 9 sale consisted of 120 units from beginning inventory and 250 units from the March 5 purchase; the March 29 sale consisted of 100 units from the March 18 purchase and 140 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. Note: Round your average cost per unit to 2 decimal places. Weighted Average Perpetual: Goods Purchased Date # of units Cost per unit # of units sold Cost of Goods Sold Cost per unit Cost of Goods Cost per Sold of units unit Inventory Balance Inventory Balance 210 @ $ 53.20 $ 11,172.00 March 11 March 51 Average March 5 March 9 March 18 Average March 18 March 25 Average March 18 March 29 Totals Perpetual LIFO Specific id

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_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Find the mean and variance of X with density f (x) 1 exp x .

Answered: 1 week ago

Question

a. How are members selected to join the team?

Answered: 1 week ago

Question

b. What are its goals and objectives?

Answered: 1 week ago