Required information Skip to question [The following information applies to the questions displayed...

50.1K

Verified Solution

Question

Accounting

Required information

Skip to question

[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.

Date Activities Units Acquired at Cost Units Sold at Retail
March 1 Beginning inventory 250 units @ $54.00 per unit
March 5 Purchase 300 units @ $59.00 per unit
March 9 Sales 410 units @ $89.00 per unit
March 18 Purchase 160 units @ $64.00 per unit
March 25 Purchase 300 units @ $66.00 per unit
March 29 Sales 280 units @ $99.00 per unit
Totals 1,010 units 690 units

3. 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 140 units from beginning inventory and 270 units from the March 5 purchase; the March 29 sale consisted of 120 units from the March 18 purchase and 160 units from the March 25 purchase.

image

imageimageimageimage

Compute the cost assigned to ending inventory using weighted average. Note: Round your average cost per unit to 2 decimal places. Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted and 270 units from the March 5 purchase; the March 29 sale consisted of 120 units from the March 18 purchase and 160 units fr Complete this question by entering your answers in the tabs below. Compute the cost assigned to ending inventory using FIFO. Darnatial FIER. Perpetual LIFO: \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|} \hline \multirow{3}{*}{ Date } & \multicolumn{2}{|c|}{ Goods Purchased } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{5}{|c|}{ Inventory Balance } \\ \hline & \# of units & \multirow[t]{2}{*}{Costperunit} & #ofunitssold & \multirow[t]{2}{*}{Costperunit} & Cost of Goods Sold & \multicolumn{2}{|c|}{ \# of units } & \multirow{2}{*}{\begin{tabular}{|c|} Costperunit \\ $54.00 \end{tabular}} & \multicolumn{2}{|r|}{InventoryBalance} \\ \hline & & & & & & 250 & @ & & = & $13,500.00 \\ \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 \multicolumn{11}{|l|}{ Total March 18} \\ \hline \multicolumn{11}{|l|}{ March 25} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Total March 25} \\ \hline \multicolumn{11}{|l|}{ March 29} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Total March 29} \\ \hline Totals & & & & & 0.00 & & & & & \\ \hline \end{tabular}
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