Problem 6-1A Perpetual: Alternative cost flows LO P1 [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. Date Activities Units Acquired at Cost Units Sold at Retail 1 Beginning inventory 5 Purchase 9 Sales 90 units @ $50.80 per unit 220 units @ $55.80 per unit Mar. Mar. Mar. 250 units @ $85.80 per unit Mar. 18 Purchase 80 units @ $60.80 per unit 140 units @ $62.80 per unit Mar. 25 Purchase Mar. 29 Sales 120 units @ $95.80 per unit Totals 530 units 370 units Problem 6-1A 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, the March 9 sale consisted of 60 units from beginning inventory and 190 units from the March 5 purchase; the March 29 sale consisted of 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.
Problem 6-1A Perpetual: Alternative cost flows LO P1 [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. Date Activities Units Acquired at Cost Units Sold at Retail 1 Beginning inventory 5 Purchase 9 Sales 90 units @ $50.80 per unit 220 units @ $55.80 per unit Mar. Mar. Mar. 250 units @ $85.80 per unit Mar. 18 Purchase 80 units @ $60.80 per unit 140 units @ $62.80 per unit Mar. 25 Purchase Mar. 29 Sales 120 units @ $95.80 per unit Totals 530 units 370 units Problem 6-1A 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, the March 9 sale consisted of 60 units from beginning inventory and 190 units from the March 5 purchase; the March 29 sale consisted of 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Need to solve Perpetual FIFO, LIFO, Weight average and Specific identification.
Transcribed Image Text:Complete this question by entering your answers in the tabs below.
Perpetual FIFO Perpetual LIFO
Weighted
Average
Specific Id
Compute the cost assigned to ending inventory using FIFO.
Perpetual FIFO:
Goods Purchased
Cost per
Cost of Goods Sold
Inventory Balance
# of
# of units
Cost per
Cost per
unit
Inventory
Balance
Date
Cost of Goods Sold
# of units
units
unit
sold
unit
March 1
90 @
$ 50.80 =
$ 4.572.00
March 5
March 9
March 18
March 25
March 29
Totals
![Required information
Problem 6-1A Perpetual: Alternative cost flows LO P1
[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.
Activities
Units Acquired at Cost
90 units @ $50.80 per unit
Date
Units Sold at Retail
1 Beginning inventory
5 Purchase
9 Sales
Mar.
Mar.
220 units @ $55.80 per unit
Mar.
250 units @ $85.80 per unit
Mar. 18 Purchase
80 units @ $60.80 per unit
140 units @ $62.80 per unit
Mar.
25 Purchase
Mar. 29 Sales
120 units @ $95.80 per unit
Totals
530 units
370 units
Problem 6-1A 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, the March 9 sale consisted of 60 units from beginning inventory and 190 units from the March 5 purchase; the
March 29 sale consisted of 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
Weighted
Average
Specific Id
Compute the cost assigned to ending inventory using FIFO.
Pornotual FIEO](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0e7471a5-62be-414e-9754-40cd3e6c9e86%2Ff10ba370-39c8-4c57-8c2b-5a91a17d4971%2Fsw5w96k_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
Problem 6-1A Perpetual: Alternative cost flows LO P1
[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.
Activities
Units Acquired at Cost
90 units @ $50.80 per unit
Date
Units Sold at Retail
1 Beginning inventory
5 Purchase
9 Sales
Mar.
Mar.
220 units @ $55.80 per unit
Mar.
250 units @ $85.80 per unit
Mar. 18 Purchase
80 units @ $60.80 per unit
140 units @ $62.80 per unit
Mar.
25 Purchase
Mar. 29 Sales
120 units @ $95.80 per unit
Totals
530 units
370 units
Problem 6-1A 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, the March 9 sale consisted of 60 units from beginning inventory and 190 units from the March 5 purchase; the
March 29 sale consisted of 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
Weighted
Average
Specific Id
Compute the cost assigned to ending inventory using FIFO.
Pornotual FIEO
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