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
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Need to solve Perpetual FIFO, LIFO, Weight average and Specific identification.
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