Question
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Compute the cost assigned to ending inventory
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. |
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 50 units from beginning inventory and 180 units from the March 5 purchase; the March 29 sale consisted of 30 units from the March 18 purchase and 70 units from the March 25 purchase. (Round your average cost per unit to 2 decimal places.) (a) FIFO
(b) LIFO
(c) Weighted Average
(d) Specific Identification
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