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 130 units from beginning Inventory. 260 units from the March 5 purchase, 110 units from the March 18 purchase, and 150 units from the March 25 purchase.
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 130 units from beginning Inventory. 260 units from the March 5 purchase, 110 units from the March 18 purchase, and 150 units from the March 25 purchase.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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
March 5
March 9
March 18.
March 25
March 29
Total
Activities
Beginning inventory
Purchase
Sales
Purchase
Purchase
Sales
Totals
Date
March 1
March 5
March 18
March 25
Complete this question by entering your answers in the tabs below.
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 130 units from beginning Inventory, 260 units from the March 5 purchase, 110 units from the
March 18 purchase, and 150 units from the March 25 purchase.
Weighted
Average
# of
units
Goods Available for Sale
Perpetual FIFO Perpetual LIFO
Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 130 units from beginning inventory, 260
units from the March 5 purchase, 110 units from the March 18 purchase, and 150 units from the March 25 purchase.
Specific Id
Cost
per
unit
280✔
950
Units Acquired at Cost
230 units @ $53.68 per unit
290 units @ $58.60 per unit
230 $ 53.60 $
290✔ 58.60✔
150
63.00✔
65.60
150 units @ $63.60 per unit
280 units@ $65.60 per unit
Cost of
Goods
Available
for Sale
950 units
$
Specific Identification
12,328
16,994
9,540
18,368
57,230
# of
units
sold
Answer is not complete.
Cost of Goods Sold
0
0
Cost
per
unit
$ 53.60
58.60
63.60
< Weighted Average
Cost of
Goods
Sold
S
S
Units Sold at Retail
390 units@ $88.60 per unit
0
0
0
260 units @ $98.60 per unit
650 units
0
Ending Inventory
Cost
per
unit
# of units
in ending
inventory
0
Specific ld >
$ 53.60
58.60
63.60
65.60
Ending
Inventory
S
S
0
0
0
0
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1d72098e-f97d-4ea0-8435-511265d0100e%2F1720464b-f497-434d-a5f1-3dd33e4e0cce%2Fnj3xc3c_processed.jpeg&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
March 5
March 9
March 18.
March 25
March 29
Total
Activities
Beginning inventory
Purchase
Sales
Purchase
Purchase
Sales
Totals
Date
March 1
March 5
March 18
March 25
Complete this question by entering your answers in the tabs below.
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 130 units from beginning Inventory, 260 units from the March 5 purchase, 110 units from the
March 18 purchase, and 150 units from the March 25 purchase.
Weighted
Average
# of
units
Goods Available for Sale
Perpetual FIFO Perpetual LIFO
Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 130 units from beginning inventory, 260
units from the March 5 purchase, 110 units from the March 18 purchase, and 150 units from the March 25 purchase.
Specific Id
Cost
per
unit
280✔
950
Units Acquired at Cost
230 units @ $53.68 per unit
290 units @ $58.60 per unit
230 $ 53.60 $
290✔ 58.60✔
150
63.00✔
65.60
150 units @ $63.60 per unit
280 units@ $65.60 per unit
Cost of
Goods
Available
for Sale
950 units
$
Specific Identification
12,328
16,994
9,540
18,368
57,230
# of
units
sold
Answer is not complete.
Cost of Goods Sold
0
0
Cost
per
unit
$ 53.60
58.60
63.60
< Weighted Average
Cost of
Goods
Sold
S
S
Units Sold at Retail
390 units@ $88.60 per unit
0
0
0
260 units @ $98.60 per unit
650 units
0
Ending Inventory
Cost
per
unit
# of units
in ending
inventory
0
Specific ld >
$ 53.60
58.60
63.60
65.60
Ending
Inventory
S
S
0
0
0
0
0
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