\begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{11}{|c|}{ Perpetual LIEO: } \\ \hline \multirow[b]{2}{*}{ Date } & \multicolumn{2}{|c|}{ Goods Purchased...

50.1K

Verified Solution

Question

Accounting

image
image
image
image
image
\begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{11}{|c|}{ Perpetual LIEO: } \\ \hline \multirow[b]{2}{*}{ Date } & \multicolumn{2}{|c|}{ Goods Purchased } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{5}{|c|}{ Inventory Balance } \\ \hline & \# of units & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \begin{tabular}{l} \# of units \\ sold \end{tabular} & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & Cost of Goods Sold & \multicolumn{2}{|c|}{ \# of units } & \multirow{2}{*}{\begin{tabular}{|c|} \begin{tabular}{c} Cost per \\ unit \end{tabular} \\ $5380 \\ \end{tabular}} & \multicolumn{2}{|r|}{\begin{tabular}{c} Inventory \\ Balance \end{tabular}} \\ \hline March 1 & & & & & & 240 & at & & = & \$ 12,91200 \\ \hline \multicolumn{11}{|l|}{ March 5} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Total March 5} \\ \hline \multicolumn{11}{|l|}{ March 9} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Total March 9} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ March 18} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Total March 18} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ March 25} \\ \hline & & & & & 2 & & & & & \\ \hline Total March 25 & & & & & & & & & & \\ \hline Fotar marcize & & & & & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multirow{3}{*}{\begin{tabular}{l} Date \\ March 1 \\ \end{tabular}} & \multicolumn{3}{|c|}{ Goods Purchased } & \multicolumn{6}{|c|}{ Cost of Goods Sold } & \multicolumn{5}{|c|}{ Inventory_Balance } \\ \hline & \multicolumn{2}{|c|}{ \# of units } & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{l} \# of units \\ sold \end{tabular}} & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{2}{|c|}{ \# of units } & \multirow{2}{*}{\begin{tabular}{c} \begin{tabular}{c} Cost per \\ unit \end{tabular} \\ $53.80 \\ \end{tabular}} & \multicolumn{2}{|r|}{\begin{tabular}{c} Inventory \\ Balance \end{tabular}} \\ \hline & & & & & & & & & & 240 & at & & = & $12,912,00 \\ \hline \multirow{2}{*}{ March 5} & 295 & at & $58.80 & & & & & & & 240 & at & $53.80 & = & \$ 12,912.00 \\ \hline & & & & & & & & & & 295 & at & $58.80 & = & 17,346.00 \\ \hline Total March 5 & & & & & & & & & & & & & & $30,25800 \\ \hline \multirow{2}{*}{ March 9} & & & & 240 & at & $5380 & = & $ & 12,912.00 & 0 & at & $53.80 & & \\ \hline & & & & 160 & at & $58.80 & = & & 9,408.00 & 135 & at & $58.80 & = & 7,938.00 \\ \hline Total March 9 & & & & & & & & & 22,320.00 & & & & & \$ 7,938.00 \\ \hline \multirow{3}{*}{ March 18} & 155 & at & $6380 & & & & & & & 0 & at & $5380 & & \\ \hline & & & & & & & & & & 135 & at & $5880 & = & 7,938.00 \\ \hline & & & & & & & & & & 155 & at & $63.80 & = & 9,88900 \\ \hline Total March 18 & & & & & & & & & & & & & & $17,827.00 \\ \hline \multirow{4}{*}{ March 25} & 290 & at & $65.80 & & & & & & & 0 & at & $53.80 & & \\ \hline & & & & & & & & & & 135 & at & $5880 & = & 7,938.00 \\ \hline & & & & & & & & & & 155 & at & $6380 & = & 9,889.00 \\ \hline & & & & & & & & & & 290 & at & $65.80 & = & 19.08200 \\ \hline Total March 25 & & & & & & & & & & & & & & $36,90900 \\ \hline \multirow{2}{*}{ March 29} & & & & 0 & at & $5380 & = & $ & 000 & 0 & at & $5380 & & \\ \hline & & & & 135 & at & $5880 & = & & 7,93800 & 0 & at & $5880 & & \\ \hline \end{tabular} Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, ( C ) weighted average, and ( d ) specific identification. or specific identification, units sold include 135 units from beginning inventory, 265 units from the March 5 purchase, 115 units rom the March 18 purchase, and 155 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{12}{|c|}{ Weiphted Average Perpetual: } \\ \hline \multirow[b]{3}{*}{ March 1} & \multicolumn{2}{|c|}{ Goods Purchased } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{6}{|c|}{ Inventory Balance } \\ \hline & \# of units & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \begin{tabular}{l} \# of units \\ sold \end{tabular} & \multirow[t]{2}{*}{ Cost per unit } & Cost of Goods Sold & \multicolumn{2}{|c|}{ \# of units } & \multicolumn{2}{|c|}{\begin{tabular}{l} Cost per \\ unit \end{tabular}} & \multicolumn{2}{|c|}{ Inventory Balance } \\ \hline & & & & & & 240 & at & $ & 53.80 & = & \$ 12,912.00 \\ \hline \multirow{2}{*}{\multicolumn{12}{|c|}{ March 5}} \\ \hline & & & & & & & & & & & \\ \hline \multicolumn{12}{|l|}{ Average March 5} \\ \hline \multicolumn{12}{|l|}{ March 9} \\ \hline \multirow{2}{*}{\multicolumn{12}{|c|}{ March 18}} \\ \hline & & & & & & & & & & & \\ \hline \multicolumn{12}{|l|}{ Average March 18} \\ \hline \multirow{2}{*}{\multicolumn{12}{|c|}{ March 25}} \\ \hline & & & & & & & & & & & \\ \hline \multicolumn{12}{|l|}{ Average March 25} \\ \hline \multicolumn{12}{|l|}{ March 29} \\ \hline Totais & & & & & 0.00 & & & & & & \\ \hline \end{tabular} Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 135 units fro units from the March 5 purchase, 115 units from the March 18 purchase, and 155 units from the March 25 purchase

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students