mework 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 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Problem 5-1A (Algo) Part 3 120 units 235 units Perpetual FIFO Perpetual LIFO Units Acquired at Cost @ $51.40 per unit @ $56.40 per unit 95 units 170 units Specific Id 620 units Weighted Average Compute the cost assigned to ending inventory using FIFO. Complete this question by entering your answers in the tabs below. Saved @ $61.40 per unit @ $63.40 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 75 units from beginning inventory, 205 units from the March 5 purchase, 55 units from the March 18 purchase, and 95 units from the March 25 purchase. Perpetual FIFO: Units Sold at Retail 280 units @ $86.40 per unit 150 units @ $96.40 per unit 430 units
mework 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 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Problem 5-1A (Algo) Part 3 120 units 235 units Perpetual FIFO Perpetual LIFO Units Acquired at Cost @ $51.40 per unit @ $56.40 per unit 95 units 170 units Specific Id 620 units Weighted Average Compute the cost assigned to ending inventory using FIFO. Complete this question by entering your answers in the tabs below. Saved @ $61.40 per unit @ $63.40 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 75 units from beginning inventory, 205 units from the March 5 purchase, 55 units from the March 18 purchase, and 95 units from the March 25 purchase. Perpetual FIFO: Units Sold at Retail 280 units @ $86.40 per unit 150 units @ $96.40 per unit 430 units
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please help me make a perpetual FIFO, perpetual LIFO, Weighted Average, and Specific ID chart. Thank you
Transcribed Image Text:omework
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
Activities
Beginning inventory
Purchase
Sales
Purchase
Purchase
Sales
Totals.
Perpetual FIFO Perpetual LIFO
Date
Weighted
Average
Compute the cost assigned to ending inventory using FIFO.
Goods Purchased
Complete this question by entering your answers in the tabs below.
Lafnit.
120 units
235 units.
Specific Id
Units Acquired at Cost
@$51.40 per unit
@ $56.40 per unit
95 units.
170 units
Cost per # of units
620 units
Problem 5-1A (Algo) Part 3
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 75 units from beginning inventory, 205 units from the March 5 purchase, 55 units from the
March 18 purchase, and 95 units from the March 25 purchase.
Saved
@ $61.40 per unit
@ $63.40 per unit.
Perpetual FIFO:
Cost of Goods Sold
Cost per
Cank of Condo Sold
S
Units Sold at Retail
# af unita
280 units @ $86.40 per unit
150 units @ $96.40 per unit
430 units
Inventory Balance
Cost per
Next
Inventory
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 6 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education