Required information Skip to question [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 March 1 Beginning inventory 200 units @ $53.00 per unit March 5 Purchase 275 units @ $58.00 per unit March 9 Sales 360 units @ $88.00 per unit March 18 Purchase 135 units @ $63.00 per unit March 25 Purchase 250 units @ $65.00 per unit March 29 Sales 230 units @ $98.00 per unit Totals 860 units 590 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 115 units from beginning inventory, 245 units from the March 5 purchase, 95 units from the March 18 purchase, and 135 units from the March 25 purchase.
Required information Skip to question [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 March 1 Beginning inventory 200 units @ $53.00 per unit March 5 Purchase 275 units @ $58.00 per unit March 9 Sales 360 units @ $88.00 per unit March 18 Purchase 135 units @ $63.00 per unit March 25 Purchase 250 units @ $65.00 per unit March 29 Sales 230 units @ $98.00 per unit Totals 860 units 590 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 115 units from beginning inventory, 245 units from the March 5 purchase, 95 units from the March 18 purchase, and 135 units from the March 25 purchase.
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