Can i please get help with this question? 7.4 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.
Can i please get help with this question? 7.4 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.
Chapter1: Financial Statements And Business Decisions
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Can i please get help with this question?
7.4 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.
Transcribed Image Text: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
Cost per
unit
# of units
sold
Perpetual FIFO:
Cost of Goods Sold
Cost per Cost of Goods Sold
unit
$
0.00
# of units
Inventory Balance
Cost per
unit
90 at
$ 50.80 =
Inventory
Balance
$ 4,572.00
Transcribed Image Text: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
Cost per
unit
# of units
sold
Perpetual LIFO:
Cost of Goods Sold
Cost per Cost of Goods Sold
unit
$
0.00
# of units
Inventory Balance
Cost per
unit
$ 50.80
90 at
=
Inventory
Balance
$ 4,572.00
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