Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

[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

[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 Units Sold at Retail Activities f 2 Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Mar. 1 Beginning inventory Mar. 5 Purchase 9 Sales Units Acquired at Cost 100 units @ $56.00 per unit 400 units @ $61.00 per unit 420 units @ $91.00 per unit 120 units @ $66.00 per unit 200 units @ $68.00 per unit Totals 820 units 160 units @ $101.00 per unit 580 units 1:20 es 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 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 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 Inventory Balance Date # of units Cost of Goods Sold Cost per unit # of units Cost per Cost of Goods Sold # of units sold unit unit Cost per Inventory Balance Help 2 of 2 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 Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold unit Cost per Cost of Goods Sold # of units unit Cost per Inventory Balance March 1 100 @ $56.00 = $ 5,600.00 1:21:08 March 5 Ook Average ences March 9 March 18 Average March 25 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

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Recommended Textbook for

Accounting Basic For Beginners

Authors: Kavishankar Panchtilak

1st Edition

979-8860644588

More Books

Students also viewed these Accounting questions

Question

What attracts you about this role?

Answered: 1 week ago

Question

How many states in India?

Answered: 1 week ago

Question

HOW IS MARKETING CHANGING WITH ARTIFITIAL INTELIGENCE

Answered: 1 week ago

Question

Different types of Grading?

Answered: 1 week ago