Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual...
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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 sales transactions for March. Date March 1 March 5. Units Acquired at Cost Activities Units Sold at Retail Beginning inventory Purchase 70 units $50.40 per unit 210 units $55.40 per unit March 9 Sales 230 units $85.40 per unit March 18 March 25 Purchase Purchase March 29 Sales Totals 70 units 120 units 470 units $60.40 per unit $62.40 per unit 100 units $95.40 per unit 330 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 50 units from beginning inventory, 180 units from the March 5 purchase, 30 units from the March 18 purchase, and 70 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 FIFO. Perpetual FIFO: 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. Units Acquired at Cost Activities Units Sold at Retail Beginning inventory Purchase 70 units $50.40 per unit 210 units $55.40 per unit March 9 Sales 230 units $85.40 per unit March 18 March 25 Purchase Purchase March 29 Sales Totals 70 units 120 units 470 units $60.40 per unit $62.40 per unit 100 units $95.40 per unit 330 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 50 units from beginning inventory, 180 units from the March 5 purchase, 30 units from the March 18 purchase, and 70 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 FIFO. Perpetual FIFO:
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