7.4 Can I please get help with this question. Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.DateActivitiesUnits Acquired at CostUnits Sold at RetailMarch 1Beginning inventory90units@ $50.80 per unit March 5Purchase220units@ $55.80 per unit March 9Sales 250units@ $85.80 per unitMarch 18Purchase80units@ $60.80 per unit March 25Purchase140units@ $62.80 per unit March 29Sales 120units@ $95.80 per unit Totals530units 370units 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 60 units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the March 25 purchase. Complete this question by entering your answers in the tabs below.Perpetual FIFO Perpetual LIFOCompute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 60 units from beginning inventory, 190units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the March 25 purchase.Specific IdentificationDateMarch 1March 5March 18March 25TotalWeightedAverageGoods Available for Sale# of unitsSpecific Id0Cost perunitCost of GoodsAvailable forSale$$00000Cost of Goods SoldCost perunit# of unitssold0$< Weighted AverageCost ofGoods Sold0.00 $0.000.00$0000Ending InventoryCost perunit# of unitsin endinginventorySpecific ld >0$EndingInventory0.00 $0.000.000.00$00000 DateMarch 1March 5Average March 5March 9March 18Average March 18March 25Average March 25March 29TotalsGoods Purchased# of unitsCost perunit# of unitssoldWeighted Average Perpetual:Cost of Goods SoldCost per unitCost of Goods Sold$< Perpetual LIFO0.00# of units90atInventory BalanceCost perunit$ 50.80Specific ld >Inventory Balance$ 4,572.00

Name: 7.4 Can I please get help with this question. Warnerwoods Company uses
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Description: 7.4 Can I please get help with this question. Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.DateActivitiesUnits Acquired at CostUnits Sold at RetailMarch 1Beginning inv

Weighted Average Method is used for inventory valuation.. Under this method all the inventory…

Answered: 7.4 Can I please get help with this…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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7.4 Can I please get help with this question.

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.

Date	Activities	Units Acquired at Cost	Units Sold at Retail
March 1	Beginning inventory	90	units	@ $50.80 per unit
March 5	Purchase	220	units	@ $55.80 per unit
March 9	Sales				250	units	@ $85.80 per unit
March 18	Purchase	80	units	@ $60.80 per unit
March 25	Purchase	140	units	@ $62.80 per unit
March 29	Sales				120	units	@ $95.80 per unit
	Totals	530	units		370	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 60 units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the March 25 purchase.

Complete this question by entering your answers in the tabs below.
Perpetual FIFO Perpetual LIFO
Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 60 units from beginning inventory, 190
units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the March 25 purchase.
Specific Identification
Date
March 1
March 5
March 18
March 25
Total
Weighted
Average
Goods Available for Sale
# of units
Specific Id
0
Cost per
unit
Cost of Goods
Available for
Sale
$
$
0
0
0
0
0
Cost of Goods Sold
Cost per
unit
# of units
sold
0
$
< Weighted Average
Cost of
Goods Sold
0.00 $
0.00
0.00
$
0
0
0
0
Ending Inventory
Cost per
unit
# of units
in ending
inventory
Specific ld >
0
$
Ending
Inventory
0.00 $
0.00
0.00
0.00
$
0
0
0
0
0

Date
March 1
March 5
Average March 5
March 9
March 18
Average March 18
March 25
Average March 25
March 29
Totals
Goods Purchased
# of units
Cost per
unit
# of units
sold
Weighted Average Perpetual:
Cost of Goods Sold
Cost per unit
Cost of Goods Sold
$
< Perpetual LIFO
0.00
# of units
90
at
Inventory Balance
Cost per
unit
$ 50.80
Specific ld >
Inventory Balance
$ 4,572.00

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