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 March 1 March 5 Activities Beginning inventory Purchase March 9 Sales March 18 March 25 March 29 Purchase Purchase Sales Totals Units Acquired at Cost 160 units @ $52.20 per unit 255 units $57.20 per unit 115 units @ $62.20 per unit 210 units @ $64.20 per unit 740 units Units Sold at Retail 320 units $87.20 per unit 190 units $97.20 per unit 510 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 95 units from beginning inventory, 225 units from the March 5 purchase, 75 units from the March 18 purchase, and 115 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Specific Id Average Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 95 units from beginning inventory, 225 units from the March 5 purchase, 75 units from the March 18 purchase, and 115 units from the March 25 purchase. Specific Identification Goods Available for Sale Cost of Goods Sold Date Cost of Goods # of units Cost per unit Available for # of units sold Cost per unit Cost of Goods Sold Sale # of units in ending inventory Ending Inventory Cost per unit Ending Inventory March 1 $ 이 $ 0.00 $ 0 $ 0.00 $ 0 March 5 0 0.00 0 0.00 0 March 18 0 0.00 0 0.00 0 March 25 0 0.00 0 Total 0 $ 0 0 $ 0 0 $ 0 < Weighted Average Specific Id>
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 March 1 March 5 Activities Beginning inventory Purchase March 9 Sales March 18 March 25 March 29 Purchase Purchase Sales Totals Units Acquired at Cost 160 units @ $52.20 per unit 255 units $57.20 per unit 115 units @ $62.20 per unit 210 units @ $64.20 per unit 740 units Units Sold at Retail 320 units $87.20 per unit 190 units $97.20 per unit 510 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 95 units from beginning inventory, 225 units from the March 5 purchase, 75 units from the March 18 purchase, and 115 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Specific Id Average Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 95 units from beginning inventory, 225 units from the March 5 purchase, 75 units from the March 18 purchase, and 115 units from the March 25 purchase. Specific Identification Goods Available for Sale Cost of Goods Sold Date Cost of Goods # of units Cost per unit Available for # of units sold Cost per unit Cost of Goods Sold Sale # of units in ending inventory Ending Inventory Cost per unit Ending Inventory March 1 $ 이 $ 0.00 $ 0 $ 0.00 $ 0 March 5 0 0.00 0 0.00 0 March 18 0 0.00 0 0.00 0 March 25 0 0.00 0 Total 0 $ 0 0 $ 0 0 $ 0 < Weighted Average Specific Id>
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
March 1
March 5
March 9
March 18
March 25
March 29
Activities
Beginning inventory
Purchase
Units Acquired at Cost
160 units @ $52.20 per unit
255 units @ $57.20 per unit
Units Sold at Retail
Sales
Purchase
Purchase
Sales
320 units @ $87.20 per unit
115 units @ $62.20 per unit
210 units @ $64.20 per unit
Totals
740 units
190 units @$97.20 per unit
510 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 95 units from beginning inventory, 225 units from the March 5 purchase, 75 units from the
March 18 purchase, and 115 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, units sold include 95 units from beginning inventory, 225
units from the March 5 purchase, 75 units from the March 18 purchase, and 115 units from the March 25 purchase.
Specific Identification
Goods Available for Sale
Cost of Goods Sold
Ending Inventory
Date
# of units
Cost per
unit
Cost of Goods
Available for
# of units
sold
Cost per
unit
Cost of
Goods Sold
Sale
# of units
in ending
inventory
Cost per
unit
Ending
Inventory
March 1
$
0
$
0.00 $
0
$
0.00 $
0
March 5
0
0.00
0
0.00
0
March 18
0
0.00
0
0.00
0
March 25
0
0.00
0
Total
0
$
0
0
$
0
0
$
0
< Weighted Average
Specific Id>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F82a55757-d2b3-426e-a054-70e5fa89af6d%2F2b457422-04a2-41dc-9990-83e7e3e0cc4a%2Fdjzty5_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
March 1
March 5
March 9
March 18
March 25
March 29
Activities
Beginning inventory
Purchase
Units Acquired at Cost
160 units @ $52.20 per unit
255 units @ $57.20 per unit
Units Sold at Retail
Sales
Purchase
Purchase
Sales
320 units @ $87.20 per unit
115 units @ $62.20 per unit
210 units @ $64.20 per unit
Totals
740 units
190 units @$97.20 per unit
510 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 95 units from beginning inventory, 225 units from the March 5 purchase, 75 units from the
March 18 purchase, and 115 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, units sold include 95 units from beginning inventory, 225
units from the March 5 purchase, 75 units from the March 18 purchase, and 115 units from the March 25 purchase.
Specific Identification
Goods Available for Sale
Cost of Goods Sold
Ending Inventory
Date
# of units
Cost per
unit
Cost of Goods
Available for
# of units
sold
Cost per
unit
Cost of
Goods Sold
Sale
# of units
in ending
inventory
Cost per
unit
Ending
Inventory
March 1
$
0
$
0.00 $
0
$
0.00 $
0
March 5
0
0.00
0
0.00
0
March 18
0
0.00
0
0.00
0
March 25
0
0.00
0
Total
0
$
0
0
$
0
0
$
0
< Weighted Average
Specific Id>
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