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 Date: March 1 March 5 Activities Beginning inventory Purchase Units Acquired at Cost 70 units $50.40 per unit 210 units $55.40 per unit March 9 Sales 230 units $85.40 per unit March 181 Purchase March 25 March 29 Purchase Sales Totals 70 units 120 units 470 units $60.40 per unit $62.40 per unit 100 units $95.40 per unit 330 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 50 units from beginning inventory, 180 units from the March 5 purchase, 30 units from the March 18 purchase, and 70 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. Goods Purchased Date # of units Cost per unit # of units sold Cost per unit Perpetual FIFO: Cost of Goods Sold Cost of Goods Sold # of units Cost per unit 70 at Inventory Balance $ 50.40 = Inventory Balance $ 3,528.00 March 1 March 5
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 Date: March 1 March 5 Activities Beginning inventory Purchase Units Acquired at Cost 70 units $50.40 per unit 210 units $55.40 per unit March 9 Sales 230 units $85.40 per unit March 181 Purchase March 25 March 29 Purchase Sales Totals 70 units 120 units 470 units $60.40 per unit $62.40 per unit 100 units $95.40 per unit 330 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 50 units from beginning inventory, 180 units from the March 5 purchase, 30 units from the March 18 purchase, and 70 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. Goods Purchased Date # of units Cost per unit # of units sold Cost per unit Perpetual FIFO: Cost of Goods Sold Cost of Goods Sold # of units Cost per unit 70 at Inventory Balance $ 50.40 = Inventory Balance $ 3,528.00 March 1 March 5
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 3AP
Related questions
Question
![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.
Date
March 1
Units Acquired at Cost
70 units
Units Sold at Retail
March 5.
Activities
Beginning inventory
Purchase
$50.40 per unit
210 units
$55.40 per unit
March 9
Sales
230 units $85.40 per unit
March 18:
March 25
March 29
Purchase
Purchase
Sales
70 units
120 units
$60.40 per unit
$62.40 per unit
Totals
470 units
100 units $95.40 per unit
330 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 50 units from beginning inventory, 180 units from the March 5 purchase, 30 units from the
March 18 purchase, and 70 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.
March 1
March 5
Goods Purchased
Perpetual FIFO:
Cost of Goods Sold
Date
# of units
Cost per
unit
# of units
sold
Cost per
unit
Cost of Goods Sold
# of units
Inventory Balance
Cost per Inventory
unit
70 at
Balance
$50.40=
$ 3,528.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9eecc5f2-2cf9-428a-b7a8-3316ca8b0d9e%2F71f1f4b1-5dcf-4856-89c2-16ac75825a50%2Ftsbyawr_processed.png&w=3840&q=75)
Transcribed Image Text: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.
Date
March 1
Units Acquired at Cost
70 units
Units Sold at Retail
March 5.
Activities
Beginning inventory
Purchase
$50.40 per unit
210 units
$55.40 per unit
March 9
Sales
230 units $85.40 per unit
March 18:
March 25
March 29
Purchase
Purchase
Sales
70 units
120 units
$60.40 per unit
$62.40 per unit
Totals
470 units
100 units $95.40 per unit
330 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 50 units from beginning inventory, 180 units from the March 5 purchase, 30 units from the
March 18 purchase, and 70 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.
March 1
March 5
Goods Purchased
Perpetual FIFO:
Cost of Goods Sold
Date
# of units
Cost per
unit
# of units
sold
Cost per
unit
Cost of Goods Sold
# of units
Inventory Balance
Cost per Inventory
unit
70 at
Balance
$50.40=
$ 3,528.00
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