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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 | 190 | units | @ $52.80 per unit | |||||||
Mar. | 5 | Purchase | 270 | units | @ $57.80 per unit | |||||||
Mar. | 9 | Sales | 350 | units | @ $87.80 per unit | |||||||
Mar. | 18 | Purchase | 130 | units | @ $62.80 per unit | |||||||
Mar. | 25 | Purchase | 240 | units | @ $64.80 per unit | |||||||
Mar. | 29 | Sales | 220 | units | @ $97.80 per unit | |||||||
Totals | 830 | units | 570 | units | ||||||||
3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, and (c) weighted average. For specific identification, the March 9 sale consisted of 110 units from beginning inventory and 240 units from the March 5 purchase; the March 29 sale consisted of 90 units from the March 18 purchase and 130 units from the March 25 purchase. (Round your average cost per unit to 2 decimal places.) |
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