90.2K

Verified Solution

Link Copied!

$\backslash$table$[[$Date$,$Activities,Units Acquired at Cost,Units Sold at Retail$],[$March $1,$Beginning inventory,$90$ units @ $$50\mathrm{.}80$ per unit,$],[$March $5,$Purchase,$220$ units @ $$55\mathrm{.}80$ per unit,$],[$March $9,$Sales,,$250$ units @ $$85\mathrm{.}80$ per unit$],[$March $18,$Purchase,$80$ units @ $$60\mathrm{.}80$ per unit,$],[$March $25,$Purchase,$140$ units @ $$62\mathrm{.}80$ per unit,$],[$March $29,$Sales,,$120$ units @$$95\mathrm{.}80$ per unit$],[$Totals$,530$ units,$370$ units$]]$

Problem $5-1$A $($Algo$)$ Part $3$

$3.$ 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 $60$ units from beginning inventory, $190$ units from the March $5$ purchase, $40$ units from the March $18$ purchase, and $80$ units from the March $25$ purchase.

Complete this question by entering your answers in the tabs below.

$\backslash$table$[[$Perpetual FIFO Perpetual LIFO,$\backslash$table$[[$Weighted$],[$Average$]]],[$Specific Id$,]]$

Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include $60$ units from beginning inventory, $190$ units from the March $5$ purchase, $40$ units from the March $18$ purchase, and $80$ units from the March $25$ purchase.

$\backslash$table$[[$Specific Identification$],[$Date$,$Goods Available for Sale,Cost of Goods Sold,Ending Inventory$],[$# of units,$\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of Goods$],[$Available for$],[$Sale$]],\backslash$table$[[$# of units$],[$sold$]],,\backslash$table$[[$per$],[$it$]],\backslash$table$[[$Cost of$],[$Goods Sold$]],\backslash$table$[[$# of units$],[$in ending$],[$inventory$]],,\backslash$table$[[$per$],[$it$]],,],[$March $1,,,$$$,,$$$,0\mathrm{.}00,$$$,,$$$,0\mathrm{.}00,$$$,0],[$March $5,,,0,,,0\mathrm{.}00,0,,,0\mathrm{.}00,,0],[$March $18,,,0,,,0\mathrm{.}00,0,,,0\mathrm{.}00,,0],[$March $25,,,0,,,,,,,0\mathrm{.}00,,0],[$Total$,0,,$$$,0,,,$$$,0,,,$$$,0]]$

Answer & Explanation Solved by verified expert

See Answer