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 Sales Purchase Purchase Sales Totals Activities Beginning inventory Purchase Units Acquired at Cost 130 units @ $51.60 per unit 240 units @ $56.60 per unit 100 units @ $61.60 per unit 180 units @ $63.60 per unit Units Sold at Retail 290 units @ $86.60 per unit 650 units 160 units @ $96.60 per unit 450 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 80 units from beginning inventory, 210 units from the March 5 purchase, 60 units from the March 18 purchase, and 100 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 specific identification. For specific identification, units sold include 80 units from beginnin units from the March 5 purchase, 60 units from the March 18 purchase, and 100 units from the March 25 purchase. Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory Date # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory 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 80 units from beginning inventory, 210 units from the March 5 purchase, 60 units from the March 18 purchase, and 100 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 specific identification. For specific identification, units sold include 80 units from beginning inventory, 210 units from the March 5 purchase, 60 units from the March 18 purchase, and 100 units from the March 25 purchase. March 1 March 5 Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory Date # of units Cost per unit Cost of Goods Available for # of units sold Cost per unit Cost of Goods Sold Sale # of units in ending inventory Cost per unit Ending Inventory $ 0 $ 0.00 $ 0 $ 0.00 $ 0 0 0.00 0 0.00 0 0 0.00 0.00 0 0.00 0 $ 0 $ 0 $ 0 March 18 March 25 Total

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
icon
Related questions
Question
Please answer in graph format
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
Sales
Purchase
Purchase
Sales
Totals
Activities
Beginning inventory
Purchase
Units Acquired at Cost
130 units @ $51.60 per unit
240 units @ $56.60 per unit
100 units @ $61.60 per unit
180 units @ $63.60 per unit
Units Sold at Retail
290 units @ $86.60 per unit
650 units
160 units @ $96.60 per unit
450 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 80 units from beginning inventory, 210 units from the March 5 purchase, 60 units from the
March 18 purchase, and 100 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 specific identification. For specific identification, units sold include 80 units from beginnin
units from the March 5 purchase, 60 units from the March 18 purchase, and 100 units from the March 25 purchase.
Specific Identification
Goods Available for Sale
Cost of Goods Sold
Ending Inventory
Date
# of units
Cost per
unit
Cost of Goods
Available for
Sale
# of units
sold
Cost per
unit
Cost of
Goods Sold
# of units
in ending
inventory
Cost per
unit
Ending
Inventory
Transcribed Image Text: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 Sales Purchase Purchase Sales Totals Activities Beginning inventory Purchase Units Acquired at Cost 130 units @ $51.60 per unit 240 units @ $56.60 per unit 100 units @ $61.60 per unit 180 units @ $63.60 per unit Units Sold at Retail 290 units @ $86.60 per unit 650 units 160 units @ $96.60 per unit 450 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 80 units from beginning inventory, 210 units from the March 5 purchase, 60 units from the March 18 purchase, and 100 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 specific identification. For specific identification, units sold include 80 units from beginnin units from the March 5 purchase, 60 units from the March 18 purchase, and 100 units from the March 25 purchase. Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory Date # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory
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 80 units from beginning inventory, 210 units from the March 5 purchase, 60 units from the
March 18 purchase, and 100 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 specific identification. For specific identification, units sold include 80 units from beginning inventory, 210
units from the March 5 purchase, 60 units from the March 18 purchase, and 100 units from the March 25 purchase.
March 1
March 5
Specific Identification
Goods Available for Sale
Cost of Goods Sold
Ending Inventory
Date
# of units
Cost per
unit
Cost of Goods
Available for
# of units
sold
Cost per
unit
Cost of
Goods Sold
Sale
# of units
in ending
inventory
Cost per
unit
Ending
Inventory
$
0
$
0.00 $
0
$
0.00 $
0
0
0.00
0
0.00
0
0
0.00
0.00
0
0.00
0
$
0
$
0
$
0
March 18
March 25
Total
Transcribed Image Text: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 80 units from beginning inventory, 210 units from the March 5 purchase, 60 units from the March 18 purchase, and 100 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 specific identification. For specific identification, units sold include 80 units from beginning inventory, 210 units from the March 5 purchase, 60 units from the March 18 purchase, and 100 units from the March 25 purchase. March 1 March 5 Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory Date # of units Cost per unit Cost of Goods Available for # of units sold Cost per unit Cost of Goods Sold Sale # of units in ending inventory Cost per unit Ending Inventory $ 0 $ 0.00 $ 0 $ 0.00 $ 0 0 0.00 0 0.00 0 0 0.00 0.00 0 0.00 0 $ 0 $ 0 $ 0 March 18 March 25 Total
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning