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 transactionsfor March.DateMarch 1March 5March 9March 18March 25March 29ActivitiesBeginning inventoryPurchaseSalesPurchasePurchaseSalesTotalsPerpetual FIFO |Perpetual LIFOUnits Acquired at Cost60 units @ $50.20 per unit205 units @ $55.20 per unitWeightedAverage65 units110 unitsSpecific Id440 unitsComplete this question by entering your answers in the tabs below.@ $60.20 per unit@ $62.20 per unit3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. Forspecific identification, units sold include 45 units from beginning inventory, 175 units from the March 5 purchase, 25 units from theMarch 18 purchase, and 65 units from the March 25 purchase.Units Sold at Retail220 units @ $85.20 per unit90 units @ $95.20 per unit310 units

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Description: 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 transactionsfor March.DateMarch 1March 5March 9March 18

First-in First-Out Method - Under the First-in First-Out Method company uses inventory in the…

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Required formation [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 March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 60 units 205 units 65 units 110 units 440 units @ $50.20 per unit @ $55.20 per unit @ $60.20 per unit @ $62.20 per unit Units Sold at Retail 220 units @ $85.20 per unit 90 units @ $95.20 per unit 310 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 45 units from beginning inventory, 175 units from the March 5 purchase, 25 units from the March 18 purchase, and 65 units from the March 25 purchase.

Required formation [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 March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 60 units 205 units 65 units 110 units 440 units @ $50.20 per unit @ $55.20 per unit @ $60.20 per unit @ $62.20 per unit Units Sold at Retail 220 units @ $85.20 per unit 90 units @ $95.20 per unit 310 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 45 units from beginning inventory, 175 units from the March 5 purchase, 25 units from the March 18 purchase, and 65 units from the March 25 purchase.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.4.1P: Inventory by three cost flow methods Details regarding the inventory of appliances on January 1,...

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