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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 | Activities | Units Acquired at Cost | Units Sold at Retail | ||||
---|---|---|---|---|---|---|---|
March 1 | Beginning inventory | 150 | units | @ $52.00 per unit | |||
March 5 | Purchase | 250 | units | @ $57.00 per unit | |||
March 9 | Sales | 310 | units | @ $87.00 per unit | |||
March 18 | Purchase | 110 | units | @ $62.00 per unit | |||
March 25 | Purchase | 200 | units | @ $64.00 per unit | |||
March 29 | Sales | 180 | units | @ $97.00 per unit | |||
Totals | 710 | units | 490 | units |
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Compute the cost assigned to ending inventory using LIFO. Goods Purchased Date # of units # of units sold March 1 March 5 Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals Cost per unit Perpetual LIFO: Cost of Goods Sold Cost per Cost of Goods Sold unit # of units 150 at Inventory Balance $ 7,800.00
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