Answered step by step
Verified Expert Solution
Link Copied!

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 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
March 1 Beginning inventory 190 units @ $52.80 per unit
March 5 Purchase 270 units @ $57.80 per unit
March 9 Sales 350 units @ $87.80 per unit
March 18 Purchase 130 units @ $62.80 per unit
March 25 Purchase 240 units @ $64.80 per unit
March 29 Sales 220 units @ $97.80 per unit
Totals 830 units 570 units
3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 110 units from beginning inventory, 240 units from the March 5 purchase, 90 units from the March 18 purchase, and 130 units from the March 25 purchase.Compute the cost assigned to ending inventory using weighted average.
Note: Round your average cost per unit to 2 decimal places.
\table[[Weighted Average Perpetual:],[Date,Goods Purchased,Cost of Goods Sold,Inventory Balance],[# of units,\table[[Cost per],[unit]],\table[[# of units],[sold]],Cost per unit,Cost of Goods Sold,# of units,\table[[Cost per],[unit]],Inventory Balance],[March 1,,,,190,at,$,52.80,=,$,10,032.00
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit Guide Audit Sampling

Authors: AICPA

2nd Edition

195068833X, 978-1950688333

More Books

Students also viewed these Accounting questions