Question
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 210 units @ $53.20 per unit Mar. 5 Purchase 280 units @ $58.20 per unit Mar. 9 Sales 370 units @ $88.20 per unit Mar. 18 Purchase 140 units @ $63.20 per unit Mar. 25 Purchase 260 units @ $65.20 per unit Mar. 29 Sales 240 units @ $98.20 per unit Totals 890 units 610 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 120 units from beginning inventory and 250 units from the March 5 purchase; the March 29 sale consisted of 100 units from the March 18 purchase and 140 units from the March 25 purchase. (Round your average cost per unit to 2 decimal places.) |
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