Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Units Acquired at Cost: March 1 Activities Beginning inventory Units Sold at Retail 100 units March 5. Purchase 400 units March 91 Sales March 29 March 18 March 25 Sales Totals Purchase Purchase 120 units 200 units @$50 per unit @ $55 per unit $60 per unit @ $62 per unit 420 units $85 per unit 820 units 160 units $95 per unit 580 units Problem 5-1A (Static) Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (d) weighted average, and (d) specific identification. For specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 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. < Prev 5 6 of 9 Next > Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Units Acquired at Cost: March 1 Activities Beginning inventory Units Sold at Retail 100 units March 5. Purchase 400 units March 91 Sales March 29 March 18 March 25 Sales Totals Purchase Purchase 120 units 200 units @$50 per unit @ $55 per unit $60 per unit @ $62 per unit 420 units $85 per unit 820 units 160 units $95 per unit 580 units Problem 5-1A (Static) Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (d) weighted average, and (d) specific identification. For specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 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. < Prev 5 6 of 9 Next >
Expert Answer:
Answer rating: 100% (QA)
To compute the cost assigned to ending inventory using FIFO LIFO weighted average and specific ident... View the full answer
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
Students also viewed these accounting questions
-
Given the risks involved in managing an e - mail service ( such as inadequate spam filters failing to block malicious e - mail messages ) , the University of the Bahamas ( UB ) now runs its UB Mail...
-
The Walton Toy Company manufactures a line of dolls and a sewing kit. Demand for the company's products is increasing, and management requests assistance from you in determining an economical sales...
-
need idea for questions to use on literature review paper for BUSI 730 in strategic allocation
-
A product has a contribution margin of $6 per unit and a selling price of $30 per unit. Fixed costs are $24,000. Assuming the new technology increases the unit contribution margin by 60 percent but...
-
If Val hired you to develop a management training program for the senior managers at PPP, how would you go about designing the program? Provide appropriate theoretical rationale to support your...
-
If the spring on rope OB has been stretched a distance δ. and fixed in place as shown, determine the tension developed in each of the other three ropes in order to hold the weight W in...
-
Internal Control for Sales} Johnson Tires has three stores. Each store manager is paid a salary plus a bonus on the sales made by his or her store. On January 5, 2019, Kevin Samuel, manager of one of...
-
On April 1, 2001, Rowe Tool Company authorized the sale of $5,000,000 of 6% convertible bonds with interest payment dates of April 1 and October 1. The bonds were sold on July 1, 2001, and mature on...
-
Salary and wages Tax: Calculate Salary and Wages Tax for the following employees of G 4 S: Jack who is a consultant paid K 3 , 0 0 0 weekly with 1 dependent John who is the manager paid K 4 , 0 0 0...
-
Phillips Corporation is a major manufacturer of food processors. It purchases motors from Viking Corporation. Annual demand is 52,000 motors per year or 1,000 motors per week. The ordering cost is...
-
For each function below find the equation of the tangent line at the given x value. Use the y- y1 = m(x - x1) form 32. f(x) = 2tan (x) 33. f(x) V2x- +1 where x = 1 / 4 where x = -1
-
Tabitha has been re-admitted to the local public hospital for psychiatric treatment. She has a Mental Health Tribunal hearing coming up to decide whether she can leave the psychiatric ward and...
-
Minnesota and Tennessee, among other states have recently began to tax the sale of health care providers such as hospitals and physicians. Analyze the incidence of this sales tax for three different...
-
A sinusoidal sound wave in mercury has a pressure variation amplitude of 4.00 Pa and a frequency of 1.00 kHz. Mercury has a bulk modulus of 2.801010 N/m and a density of 13600 kg/m. What is the...
-
A scooter moving at 5 0 m / s travels towards a siren which emits a 1 9 7 Hz sound. The speed of sound is 3 4 3 m / s . What frequency ( in Hz ) is heard by the scooter driver?
-
What is the output of the program if the input value is 202 input_value = 0 input_value = int(input('Input value: ')) if input_value < 10: print('Live') elif input_value < 20: print('Long') elif...
-
Name TRUMAISE. Write 'T' if the statement is true and 1" if the statement is false. I} For corporations, NSTCLs and NLTCLs are treated as STCLs for purposes of the canyback and 1) canyforwa rd ru...
-
The nitrogen atoms in N2 participate in multiple bonding, whereas those in hydrazine, N2H4, do not. (a) Draw Lewis structures for both molecules. (b) What is the hybridization of the nitrogen atoms...
-
Assume that you have been asked to place a value on the ownership position in Briarwood Hospital. Its projected profit and loss statements and equity reinvestment (asset) requirements are shown below...
-
Assume that you have been asked to place a value on the fund capital (equity) of BestHealth, a not-for-profit HMO. Its projected profit and loss statements and equity reinvestment (asset)...
-
Where would you be able to bring about cost savings as a program manager for a company? Discuss these using the standard project constraints. (Lo 2)
Study smarter with the SolutionInn App