Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Activities Units Acquired at Cost 135 units@
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Activities Units Acquired at Cost 135 units@ $70 per unit 435 units@$75 per unit Units Sold at Retail Date 1 Beginning inventory Mar. Mar. 5 Purchase Mar. 9 Sales 455 units@ $105 per unit 190 units@ $80 per unit 270 units@ $82 per unit Mar. 18 Purchase Mar. 25 Purchase 230 units $115 per unit Mar. 29 Sales 1,030 units 685 units Totals For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 375 units from the March 5 purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 155 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Weighted Average Periodic FIFO Periodic LIFO Specific Id Compute the cost assigned to ending inventory using LIFO. b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Cost of Goods Sold Cost # of units in ending inventory of units sold Cost Cost #of units Goods Available for Sale Ending Inventory per unit per unit per unit 135 S 70.00 S 135 S 70.00 0 Beginning inventory 9,450 9,450 Purchases: 435 S 75.00 190 80.00 435 (x 32,625 March 5 32,625 75.00 0 March 18 15,200 270 82.00 22,140 March 25 0 S 79,415 S 42,075 Total 1,030 570
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started