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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 | 170 | units | @ $52.40 per unit | |||||||
Mar. | 5 | Purchase | 260 | units | @ $57.40 per unit | |||||||
Mar. | 9 | Sales | 330 | units | @ $87.40 per unit | |||||||
Mar. | 18 | Purchase | 120 | units | @ $62.40 per unit | |||||||
Mar. | 25 | Purchase | 220 | units | @ $64.40 per unit | |||||||
Mar. | 29 | Sales | 200 | units | @ $97.40 per unit | |||||||
Totals | 770 | units | 530 | 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 100 units from beginning inventory and 230 units from the March 5 purchase; the March 29 sale consisted of 80 units from the March 18 purchase and 120 units from the March 25 purchase. |
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