90.2K

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 180 units @ $52.60 per unit 265 units @ $57.60 per unit Date March 1 March 5 March 9 March 18 March 25 March 29 340 units @ $87.60 per unit Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 125 units 230 units @ $62.60 per unit @ $64.60 per unit 210 units @ $97.60 per unit 550 units 800 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (C) weighted average, and (c) specific identification. For specific identification, units sold include 105 units from beginning inventory, 235 units from the March 5 purchase, 85 units from the March 18 purchase, and 125 units from the March 25 purchase. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 105 units from beginning inventory, 235 units from the March 5 purchase, 85 units from the March 18 purchase, and 125 units from the March 25 purchase. Specific Identification: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit $ 52.60 # of units sold # of units at at 180 at 265 at Cost per Cost of Goods Sold unit $ 52.60 = $ 0.00 $ 57.60 = $ 62.60 0.00 $ 64.60 March 1 March 5 March 18 March 25 Goods Puchased = $ 9,468 15,264 7,825 $ 14,858 at Cost per unit Inventory Balance $ 52.60 = S 0.00 $ 57.60 = $ 62.60 = 0.00 $ 64.60 = at $ 57.60 $ 62.60 $ 64.60 - at - 125 at 230 at at - at at Totals $ 0.00 $ 0.00

Answer & Explanation Solved by verified expert

See Answer