Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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 210 units @ $53.20 per unit March 5 Purchase 280 units @ $58.20 per unit March 9 Sales 370 units e $88.20 per unit March 18 Purchase 140 units $63.20 per unit March 25 Purchase 260 units @ $65.20 per unit March 29 Sales 240 unito e $98.20 per unit Totals 890 units 610 units 3. Compute the cost assigned to ending Inventory using (a) FIFO, () LIFO, (weighted average, and (c) specific identification. For specific identification, units sold include 120 units from beginning inventory, 250 units from the March 5 purchase, 100 units from the March 18 purchase, and 140 units from the March 25 purchase. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Date Goods Purchased # of units Cost per unit Weighted Average Perpotunal: Cost of Goods Sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance $ 53.20 = $ 11,172.00 sold # of units March 1 210 at 280 at $ 58.20 at $ March 5 53.20 58.20 at $ Average March 5 March 9 140 at $63.20 March 18 at $ 63.20 Average March 18 0 March 1 280 at $58.20 March 5 Average March 5 March 9 210 a $ at $ at $ 5320 - $ 11,172,00 5320 58.20 140 at $ 63.20 March 18 Average March 18 $ 63.20 0 260 at March 25 $ 65,20 at $ Average March 25 65.20 0 March 29 Totals 240 ats 62.55 280 at S $ 15,012.00 $ 15,012.00 62.55 = $ 17.514.00
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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