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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 | |||||||||
Mar. | 1 | Beginning inventory | 60 | units | @ $50.20/unit | |||||||
Mar. | 5 | Purchase | 205 | units | @ $55.20/unit | |||||||
Mar. | 9 | Sales | 220 | units | @ $85.20/unit | |||||||
Mar. | 18 | Purchase | 65 | units | @ $60.20/unit | |||||||
Mar. | 25 | Purchase | 110 | units | @ $62.20/unit | |||||||
Mar. | 29 | Sales | 90 | units | @ $95.20/unit | |||||||
Totals | 440 | units | 310 | units | ||||||||
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 45 units from beginning inventory and 175 units from the March 5 purchase; the March 29 sale consisted of 25 units from the March 18 purchase and 65 units from the March 25 purchase. (Round your average cost per unit to 2 decimal places.) |
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