Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. 3. Compute the cost assigned to ending

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and ( d ) specific identification. For specific identification, units sold include 115 units from beginning inventory, 245 units from the March 5 purchase, 95 units from the March 18 purchase, and 135 units from the March 25 purchase. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{11}{|c|}{ Perpetual LIFO: } \\ \hline \multirow{3}{*}{\begin{tabular}{|l} Date \\ March 1 \\ \end{tabular}} & \multicolumn{2}{|c|}{ Goods Purchased } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{5}{|c|}{ Inventory Balance } \\ \hline & \multirow[t]{2}{*}{# of units } & \multirow[t]{2}{*}{Costperunit} & \multirow[t]{2}{*}{#ofunitssold} & \multirow[t]{2}{*}{Costperunit} & Cost of Goods Sold & \multicolumn{2}{|c|}{ \# of units } & \multirow{2}{*}{Costperunit$53.00} & \multicolumn{2}{|c|}{InventoryBalance} \\ \hline & & & & & & 200 & at & & = & S 10,600,00 \\ \hline \multicolumn{11}{|l|}{ March 5} \\ \hline mider & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Total March 5} \\ \hline \multicolumn{11}{|l|}{ March 9} \\ \hline marciry & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Total March 9} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ March 18} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Total March 18} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ March 25} \\ \hline & & & & & & & & & & \\ \hline \multirow{2}{*}{\multicolumn{11}{|c|}{ Total March 25}} \\ \hline & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ March 29} \\ \hline & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Total March 29} \\ \hline Totals. & & & & & 0.00 & & & & & \\ \hline \end{tabular} Compute the cost assigned to ending inventory using weighted average. Note: Round your average cost per unit to 2 decimal places

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Step: 3

blur-text-image

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

More Books

Students also viewed these Accounting questions