Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

The following information applies to the questions displayed below Warnerwoods Company uses a perpetual inventory system. for March. It entered into the following purchases and

image text in transcribed
image text in transcribed
The following information applies to the questions displayed below Warnerwoods Company uses a perpetual inventory system. for March. It entered into the following purchases and sales transactions Date Activities Units Acquired at Cost 150 units $52.00 per unit 250 units e $57.00 per unit Units Sold at Retail 1 Beginning inventory Mar. 5 Purchase 9 Sales Mar. 18 Purchase Mar. Mar. 310 units e $87.00 per unit 110 units e $62.00 per unit 200 units $64.00 per unit Mar. 25 Purchase Mar. 29 Sales 180 units $97.00 per unit 710 units 490 units Totals . 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 90 units from beginning inventory and 220 units from the March 5 purchase; th March 29 sale consisted of 70 units from the March 18 purchase and 110 units from the March 25 purchase. Perpetual Perpetual Weighted Specific FIFO Average LIFO Id Compute the cost assigned to ending inventory using specific identification. For specific identification, consisted of 90 units from beginning inventory and 220 units from the March 5 purchase; the March 2 of 70 units from the March 18 purchase and 110 units from the March 25 purchase. Specific Identification: Goods Purchased Cost Cost of Goods Sold Inventory Balance Cost Cost #of units # of units Cost of Date Inventory Balance per unit per unit of units per unit sold Goods Sold March 1 150 @ $7,800.00 52.00 March 5 March 9 March 18 March 25 March 29 Totals $ 0.00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions