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 March
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Date Activities Units Acquired at Cost March 1 Beginning inventory Units Sold at Retail 170 units @ $52.40 per unit March 5 Purchase 260 units @ $57.40 per unit March 9 Sales 330 units @ $87.40 per unit March 18 Purchase 120 units @ $62.40 per unit March 25 Purchase 220 units @ $64.40 per unit March 29 Sales 200 units @ $97.40 per unit Totals 770 units 530 units 3. Compute the cost assigned to ending inventory using (a) FIFO. (6) LIFO. () weighted average, and (c) specific identification. For specific identification, units sold include 100 units from beginning inventory, 230 units from the March 5 purchase, 80 units from the March 18 purchase, and 120 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Cost of Goods Sold Date Goods Purchased # of units Cost per unit # of units sold Cost per Cost of Goods Sold unit Inventory Balance # of units Inventory unit Balance 170 at $ 5240 = $ 8,908.00 Cost per March 1 March 5 Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals $ 0.00
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