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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 |
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 90 units from beginning inventory, 220 units from the March 5 purchase, 70 units from the March 18 purchase, and 110 units from the March 25 purchase.
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 90 units from beginning inventory, 220 units from the March 5 purchase, 70 units from the March 18 purchase, and 110 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 specific identification. For specific identification, units sold include 90 units from beginning inventory, 220 units from the March 5 purchase, 70 units from the March 18 purchase, and 110 units from the March 25 purchase. Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory Date Cost per unit # of units in ending inventory Cost per unit $ March 1 March 5 March 18 March 25 Total # of units 0 Cost of Goods Available for Sale $ 0 0 0 $ 0 # of units # of units Cost per sold unit $ 0 0 0 Ending Inventory 0.00 $ 0.00 0.00 0.00 $ 0 0 0 0 0
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