50.1K

Verified Solution

Link Copied!

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 Units Sold at Retail Units Acquired at cost 240 units @ $53.80 per unit 295 units $58.80 per unit Date Activities . 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 400 units @ $88.80 per unit 155 units @ $63.80 per unit 290 units @ $65.80 per unit 270 units $98.80 per unit 670 units 980 units 3. Compute the cost assigned to ending inventory using (a) FIFO. (D) LIFO. (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 135 units from beginning inventory and 265 units from the March 5 purchase; the March 29 sale consisted of 115 units from the March 18 purchase and 155 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending Inventory using FIFO. Perpetual FIFO: Goods Purchased # of units unit Cost of Goods Sold Cost per cost of Goods Sold Cost per Inventory Balance Cost per Inventory # of units Balance 240 @ $53.80 = $ 12,912.00 # of units sold Date unit unit March 1 Required information Perpetual FIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold Cost per Cost of Goods Sold unit Date # of units sold Inventory Balance # of units Inventory unit Balance 240 @ $ 53.80 = $ 12,912.00 Cost per March 1 March 5 March 9 March 18 March 25 March 29 45 Totals 5 Prev 6 of 6 Next > Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending Inventory using LIFO. Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods Sold sold unit Date Inventory Balance Cost per Inventory # of units unit Balance 240 $53.80 = $ 12,912.00 March 1 March 5 March 9 March 18 March 25 March 29 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased # of Cost per Date units unit March 1 Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold Inventory Balance Cost per # of units unit Inventory Balance 240 $ 53.80 = $ 12,912.00 March 5 Average March 9 March 18 Average March 25 March 29 Totals of 6 Perpetual FIFO Perpetual LIFO Weighted Average Specificid Compute the cost assigned to ending Inventory using specific identification. For specific identification, the March 9 sale consisted of 135 units from and 265 units from the March 5 purchase, the March 29 sale consisted of 115 units from the March 18 purchase and 155 units from the March 25 Specifis Identification: Goods Purchased Date #of units unit March 1 March 5 Cost per Cost of Goods Sold of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per of units unit Inventory Balance 240 $53.80 $ 12.912.00 March 9 March 18 March 25 March 29 Pro Q # % & 3 4 5 7 8 9 W E R T Y U 0 P S D F G I J K L C V B # $ & 2 3 5 6 7 8 9 W E R T Y U O P S D F G H J K L C V V

Answer & Explanation Solved by verified expert

See Answer