Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost @ $51.80 per unit @ $56.80 per unit 140 units 245 units 105 units. 190 units 680 units @ $61.80 per unit @ $63.80 per unit Units Sold at Retail 300 units @ $86.80 per unit 170 units @ $96.80 per unit 470 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 85 units from beginning inventory, 215 units from the March 5 purchase, 65 units from the March 18 purchase, and 105 units from the March 25 purchase.
Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost @ $51.80 per unit @ $56.80 per unit 140 units 245 units 105 units. 190 units 680 units @ $61.80 per unit @ $63.80 per unit Units Sold at Retail 300 units @ $86.80 per unit 170 units @ $96.80 per unit 470 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 85 units from beginning inventory, 215 units from the March 5 purchase, 65 units from the March 18 purchase, and 105 units from the March 25 purchase.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Date
March 1
March 5
March 9
March 18
March 25
March 29
Activities
Beginning inventory
Purchase
Sales
Purchase
Purchase
Sales
Totals
Perpetual FIFO Perpetual LIFO
Units
140 units
245 units
Weighted
Average
105 units
190 units
Specific Id
680 units.
Acquired at Cost
@ $51.80 per unit
@ $56.80 per unit
Complete this question by entering your answers in the tabs below.
@ $61.80 per unit
@ $63.80 per unit
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 85 units from beginning inventory, 215 units from the March 5 purchase, 65 units
from the March 18 purchase, and 105 units from the March 25 purchase.
Units Sold at Retail
300 units @ $86.80 per unit
170 units @ $96.80 per unit
470 units
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