Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Activities

image

Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Activities Beginning inventory Purchase Units Acquired at Cost Units Sold at Retail 115 units @ $50 per unit 415 units @$55 per unit March 9 Sales 435 units @ $85 per unit March 18 Purchase March 25 Purchase 150 units 230 units @$60 per unit @ $62 per unit March 29 Sales Totals 910 units 190 units @$95 per unit 625 units For specific identification, units sold include 50 units from beginning inventory, 385 units from the March 5 purchase, 55 units from the March 18 purchase, and 135 units from the March 25 purchase. oblem 6-2AA (Algo) Part 3 Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. te: Round your "average cost per unit" to 2 decimal places. Periodic FIFO Beginning inventory Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit 115 $ 50.00 Cost of Goods Available for Sale $ 5,750 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 0.00 $ 0 $ 0.00 $ 0 Purchases: March 5 415 $ 55.00 March 18 150 $ 60.00 22,825 9,000 March 25 0 Total 680 $ 37,575 0 b) Periodic LIFO Cost of Goods Available for Sale SS $ 0.00 0 $ 0.00 0 $ 0.00 0 $ 0.00 0 0 $ 0.00 0 0 Cost of Goods Sold # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold Ending Inventory Cost per unit Ending Inventory # of units in ending inventory

Step by Step Solution

There are 3 Steps involved in it

Step: 1

The image you sent shows a problem about inventory valuation using a periodic inventory system The company Warnerwoods Company uses a periodic inventory system which means they only physically count t... 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_2

Step: 3

blur-text-image_3

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

Fundamental accounting principle

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

21st edition

1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587

More Books

Students also viewed these Accounting questions

Question

Why is it a good idea to avoid being judgmental? (p. 177)

Answered: 1 week ago