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. Compute the cost assigned to ending inventory using FIFO.
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. Compute the cost assigned to ending inventory using FIFO.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
Compute the cost assigned to ending inventory using FIFO.
![Required Information
Problem 5-1A (Algo) Perpetual: Alternative cost flows LO P1
[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 @ $50.20 per unit
205 units@ $55.20 per unit
65 units @ $60.20 per unit
110 units @ $62.20 per unit
440 units
Units Sold at Retail
220 units@ $85.20 per unit
90 units@ $95.20 per unit
310 units](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1da296ee-2468-43bb-ac80-be0eb8484519%2F0706f66e-f6fc-45ad-88c4-5ee769b01b29%2F1mtr7sw_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required Information
Problem 5-1A (Algo) Perpetual: Alternative cost flows LO P1
[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 @ $50.20 per unit
205 units@ $55.20 per unit
65 units @ $60.20 per unit
110 units @ $62.20 per unit
440 units
Units Sold at Retail
220 units@ $85.20 per unit
90 units@ $95.20 per unit
310 units
Transcribed Image Text:Weighted
Average
Compute the cost assigned to ending inventory using FIFO.
Perpetual FIFO Perpetual LIFO
Date
March 1
March 5
Total March 5
March 9
Total March 9
March 18
Total March 18
March 25
Total March 25
March 29
Total March 29
Totals
Goods Purchased
# of units
205 at
Cost
per unit
$ 55.20
65 at $60.20
110 at $62.20
Specific Id
# of units
sold
GIO
60
at
$ 50.20
160 at $ 55.20
M
Perpetual FIFO:
Cost of Goods Sold
0 at $ 50.20
45 at
Cost
per unit
40 at
0 at
$ 55.20
60.20
$
$ 62.20
Cost of Goods Sold
=
=
=
"|"
=
=
=
69
S
99
S
S
S
3,012.00
8,832.00
11,844.00
0.00
2,484.00
2,408.00
0.00
4,892.00
16,736.00
# of units
Inventory Balance
Cost
per unit
$50.20
60 at
60 at
205 at
GO
0 at
45 at
0 at
45 at
65 at
0 at
45 at
65 at
110 at
0 at
0 at
25 at
110 at
=
$50.20 =
""
$ 55.20 =
$50.20
$55.20 =
$50.20
$55.20 =
$60.20 =
$50.20
$55.20 =
$60.20 =
$62.20 =
$50.20
$ 55.20
$60,20
$62.20 =
=
Inventory
Balance
$ 3,012.00
$ 3,012.00
11,316.00
$ 14,328.00
2,484.00
$ 2,484.00
2,484.00
3,913.00
$ 6,397.00
2,484.00
3,913.00
6,842.00
$ 13,239.00
1,505.00
6,842.00
$ 8,347.00
$ 8,347.00
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