Required informationProblem 6-1A Perpetual: Alternative cost flows LO P1Skip to question [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. Weighted Average Sheet and Specific ID Sheets DateActivitiesMar. 1 Beginning inventoryMar. 5 PurchaseMar. 9 SalesMar. 18 PurchaseMar. 25 PurchaseMar. 29 SalesTotalsProblem 6-1A Part 3Perpetual FIFO Perpetual LIFOComplete this question by entering your answers in the tabs below.DateMarch 1March 53. Compute the cost assigned to ending Inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. Forspecific Identification, the March 9 sale consisted of 65 units from beginning Inventory and 195 units from the March 5 purchase; theMarch 29 sale consisted of 45 units from the March 18 purchase and 85 units from the March 25 purchase.AverageMarch 9March 18WeightedAverageCompute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.)Weighted Average Perpetual:AverageMarch 25Units Acquired at Cost100 units @ $51.00 per unit225 units@ $56.00 per unitMarch 29Totals85 units@ $61.00 per unit150 units@ $63.00 per unitGoods Purchased560 units# ofunitsSpecific IdCost per # of unitsunitsoldCost of Goods SoldCost perunit260 units @ $86.00 per unit$Units Sold at Retail130 units@ $96.00 per unit390 unitsCost of Goods Sold< Perpetual LIFO0.00# of unitsInventory BalanceCost per Inventory Balanceunit$ 51.00 = $ 5,100.00100 @Specific Id > Complete this question by entering your answers in the tabs below.Perpetual FIFO Perpetual LIFO WeightedAverageCompute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 65 units from beginninand 195 units from the March 5 purchase; the March 29 sale consisted of 45 units from the March 18 purchase and 85 units from the March 25 purchase.Specific Identification:DateMarch 1March 5March 9March 18March 25March 29TotalsGoods Purchased# ofunitsSpecific IdCost perunit# of unitssoldCost of Goods SoldCost perunitCost of GoodsSold$< Weighted Average0.00# of unitsInventory BalanceCost perInventory Balanceunit$ 51.00 = $ 5.100.00100 @Specific Id

Name: Required informationProblem 6-1A Perpetual: Alternative cost flows LO
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Description: Required informationProblem 6-1A Perpetual: Alternative cost flows LO P1Skip to question [The following information applies to the questions displayed below.]Warnerwoods Company uses a perpetual inventory system. It entered into the following purchas

Weighted Average Cost Method - Under this Method company sums all the inventory purchase with the…

Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Problem 6-1A Part 3 Date Complete this question by entering your answers in the tabs below. March 1 March 5 Average March 9 March 18 3. Compute the cost assigned to ending Inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific Identification. For specific Identification, the March 9 sale consisted of 65 units from beginning Inventory and 195 units from the March 5 purchase; the March 29 sale consisted of 45 units from the March 18 purchase and 85 units from the March 25 purchase. Average March 25 Units Acquired at Cost 100 units @ $51.00 per unit 225 units@ $56.00 per unit March 29 Totals 85 units @ $61.00 per unit 150 units @ $63.00 per unit Perpetual FIFO Perpetual LIFO Weighted Average Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased 560 units # of units Specific Id Cost per # of units unit sold Cost of Goods Sold 260 units @ $86.00 per unit S Units Sold at Retail 130 units @ $96.00 per unit 398 units Cost per Cost of Goods Sold unit < Perpetual LIFO 0.00 # of units Inventory Balance Cost per unit Inventory Balance $ 51.00 = S 5,100.00 100 @ Specific Id >

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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Required information

Problem 6-1A Perpetual: Alternative cost flows LO P1

Skip to question

[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.

Weighted Average Sheet and Specific ID Sheets

Date
Activities
Mar. 1 Beginning inventory
Mar. 5 Purchase
Mar. 9 Sales
Mar. 18 Purchase
Mar. 25 Purchase
Mar. 29 Sales
Totals
Problem 6-1A Part 3
Perpetual FIFO Perpetual LIFO
Complete this question by entering your answers in the tabs below.
Date
March 1
March 5
3. Compute the cost assigned to ending Inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For
specific Identification, the March 9 sale consisted of 65 units from beginning Inventory and 195 units from the March 5 purchase; the
March 29 sale consisted of 45 units from the March 18 purchase and 85 units from the March 25 purchase.
Average
March 9
March 18
Weighted
Average
Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.)
Weighted Average Perpetual:
Average
March 25
Units Acquired at Cost
100 units @ $51.00 per unit
225 units@ $56.00 per unit
March 29
Totals
85 units@ $61.00 per unit
150 units@ $63.00 per unit
Goods Purchased
560 units
# of
units
Specific Id
Cost per # of units
unit
sold
Cost of Goods Sold
Cost per
unit
260 units @ $86.00 per unit
$
Units Sold at Retail
130 units@ $96.00 per unit
390 units
Cost of Goods Sold
< Perpetual LIFO
0.00
# of units
Inventory Balance
Cost per Inventory Balance
unit
$ 51.00 = $ 5,100.00
100 @
Specific Id >

Complete this question by entering your answers in the tabs below.
Perpetual FIFO Perpetual LIFO Weighted
Average
Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 65 units from beginnin
and 195 units from the March 5 purchase; the March 29 sale consisted of 45 units from the March 18 purchase and 85 units from the March 25 purchase.
Specific Identification:
Date
March 1
March 5
March 9
March 18
March 25
March 29
Totals
Goods Purchased
# of
units
Specific Id
Cost per
unit
# of units
sold
Cost of Goods Sold
Cost per
unit
Cost of Goods
Sold
$
< Weighted Average
0.00
# of units
Inventory Balance
Cost per
Inventory Balance
unit
$ 51.00 = $ 5.100.00
100 @
Specific Id

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