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[The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It...

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Accounting

[The following information applies to the questionsdisplayed below.]

Warnerwoods Company uses a perpetual inventory system. It enteredinto the following purchases and sales transactions forMarch.

DateActivitiesUnits Acquired at CostUnits Sold at Retail
Mar.1Beginning inventory150units@ $52.00 per unit
Mar.5Purchase250units@ $57.00 per unit
Mar.9Sales310units@ $87.00 per unit
Mar.18Purchase110units@ $62.00 per unit
Mar.25Purchase200units@ $64.00 per unit
Mar.29Sales180units@ $97.00 per unit
Totals710units490units

3. Compute the cost assigned to endinginventory using (a) FIFO, (b) LIFO, (c)weighted average, and (d) specific identification. Forspecific identification, the March 9 sale consisted of 90 unitsfrom beginning inventory and 220 units from the March 5 purchase;the March 29 sale consisted of 70 units from the March 18 purchaseand 110 units from the March 25 purchase.

Answer & Explanation Solved by verified expert
4.0 Ratings (645 Votes)
Solution 3aComputation of ending inventory COGS under FIFO Warnerwoods CoDateBeginning InventoryPurchaseCost of Goods SoldEnding    See Answer
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