Required information ĮThe following information applies to the questions dtsplayed below] Warnenwoods Company uses a perpetual inventory system. It entered intno the following purchases and sales transactions for March. Date Mar. Mar. S Purchase Mar. 9 Sales Mar. Purchase Mar. 25 Purchase Activities 1 legining inventory Unts Acquired at Cost se units Sse.ce per unit 215 units ss.co per unit nits Sold t Retall 240 unitse ses.c0 per unit 75 unitse se.ce per unit 130 units s62.00 per unit _ 1ồ unitse ss.00 per unit 350 units Mar. 29 Sales Totals See units mpute the cost assigned to ending inventory using (a) FIFO. D) LIFO. C) weighted average, and (a) specific identification. For fic identification, the March 9 sale consisted of 55 units from beginning inventory and 185 units from the March 5 purchase: the
Required information ĮThe following information applies to the questions dtsplayed below] Warnenwoods Company uses a perpetual inventory system. It entered intno the following purchases and sales transactions for March. Date Mar. Mar. S Purchase Mar. 9 Sales Mar. Purchase Mar. 25 Purchase Activities 1 legining inventory Unts Acquired at Cost se units Sse.ce per unit 215 units ss.co per unit nits Sold t Retall 240 unitse ses.c0 per unit 75 unitse se.ce per unit 130 units s62.00 per unit _ 1ồ unitse ss.00 per unit 350 units Mar. 29 Sales Totals See units mpute the cost assigned to ending inventory using (a) FIFO. D) LIFO. C) weighted average, and (a) specific identification. For fic identification, the March 9 sale consisted of 55 units from beginning inventory and 185 units from the March 5 purchase: the
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Marrn u CRIA ConciCTOn Or h TiniTC Trom TnA Marcn Tx NiirrnacA ann n iniTC Trnm Tne Marcn n ni irrnacA
Required information
n beginning
inventory ana 185 units trom tne Marcn ɔ purcnase; tne Marcn 29 saie consistea or sɔ units rrom tne marcn 18 purcnase ana /5 units trom tne March 25 purchase.
Specific Identification:
Goods Purchased
Cost
Cost of Goods Sold
Cost
Inventory Balance
Cost
# of
units
# of units
sold
Cost of Goods
Sold
Inventory
Balance
Date
# of units
per
unit
per
per
unit
unit
March 1
80
50.00
S 4,048.00
215 Oe
$ 2,783.00
55 O e
185 O e
March 5
50.60
=
55.80 O
10,286.00
55.60
$ 13,069.00
IS
50.80
March 9
IS
0.00
=
50.60
0.00
%3D
55.60
55.60
March 18
75 Oe
60.80
50.80
IS
55.60
IS
80.60
35 O e
2.121.00
S 2,121.00
130 Oe 82.80 O
IS
50.80
March 25
62.60
55.60
60.80
IS
62.60
75 Oe
4,695.00
S 4,695.00
March 29
55
50.60
S 2,783.00
50.60
IS
55.80
185
10,288.00
55.60
35 Oe
2,121.00
80.80
%3D
60.60
82,80
60.60
IS
62.60
75 Oe
4,695.00
62.60
IS
19,885.00
IS
19,885.00
Totals
< Weighted Average
Specific Id>
*Red test indicates no response was expected in a call or a formula-based calculation is incorrea; no points deducted.
![Required information
[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
Mar. 1 Beginning inventory
Mar. 5 Purchase
Mar. 9 Sales
Units Acquired at Cost
80 units e $50.60 per unit
215 units e $55.60 per unit
Activities
Units Sold at Retail
240 unitse $85.60 per unit
Mar. 18 Purchase
75 units e $6e.60 per unit
130 units e $62.60 per unit
Mar. 25 Purchase
Mar. 29 Sales
118 units e $95.60 per unit
Totals
see units
350 units
3. Compute the cost assigned to ending Inventory using (a) FIFO. (b) LIFO. (C) welghted average, and (d) specific Identification. For
specific Identification, the March 9 sale consisted of 55 units from beginning Inventory and 185 units from the March 5 purchase; the
March 29 sale consisted of 35 units from the March 18 purchase and 75 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 specific identification. For specific identification, the March 9 sale consisted of 55 units from beginning
inventory and 185 units from the March 5 purchase; the March 29 sale consisted of 35 units from the March 18 purchase and 75 units from the March 25 purchase.
Specific Identification:
Goods Purchased
Cost
Cost of Goods Sold
Inventory Balance
Cost
Cost
# of
units
# of units
sold
Cost of Goods
Sold
Inventory
Balance
Date
per
per
# of units
per
unit
unit
unit
March 1
$ 4,048.00
80
50.80
IS
50.60
IS
55.60
215Oe
IS
55.60
55 O@
S 2,783.00
March 5
185 Oe
10,286.00
S 13,060.00
March 9
50.60
IS
0.00
50.80
0.00
55.60
55.80
March 18
75 Oe
IS
60.80
50.00
50.60
55.0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffe46867b-8e32-4051-86e0-c12e0211534e%2Fb53f9055-aabd-45d7-8acd-cab2d069803d%2F2m6iju_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[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
Mar. 1 Beginning inventory
Mar. 5 Purchase
Mar. 9 Sales
Units Acquired at Cost
80 units e $50.60 per unit
215 units e $55.60 per unit
Activities
Units Sold at Retail
240 unitse $85.60 per unit
Mar. 18 Purchase
75 units e $6e.60 per unit
130 units e $62.60 per unit
Mar. 25 Purchase
Mar. 29 Sales
118 units e $95.60 per unit
Totals
see units
350 units
3. Compute the cost assigned to ending Inventory using (a) FIFO. (b) LIFO. (C) welghted average, and (d) specific Identification. For
specific Identification, the March 9 sale consisted of 55 units from beginning Inventory and 185 units from the March 5 purchase; the
March 29 sale consisted of 35 units from the March 18 purchase and 75 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 specific identification. For specific identification, the March 9 sale consisted of 55 units from beginning
inventory and 185 units from the March 5 purchase; the March 29 sale consisted of 35 units from the March 18 purchase and 75 units from the March 25 purchase.
Specific Identification:
Goods Purchased
Cost
Cost of Goods Sold
Inventory Balance
Cost
Cost
# of
units
# of units
sold
Cost of Goods
Sold
Inventory
Balance
Date
per
per
# of units
per
unit
unit
unit
March 1
$ 4,048.00
80
50.80
IS
50.60
IS
55.60
215Oe
IS
55.60
55 O@
S 2,783.00
March 5
185 Oe
10,286.00
S 13,060.00
March 9
50.60
IS
0.00
50.80
0.00
55.60
55.80
March 18
75 Oe
IS
60.80
50.00
50.60
55.0
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