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 transactionsfor March.Units Acquired at Cost100 units @ $50.00 per unit400 units @ $55.00 per unitDateActivitiesUnits Sold at Retail1 Beginning inventory5 Purchase9 SalesMar.Mar.Mar.420 units @ $85.00 per unitMar.18 Purchase120 units @ $60.00 per unitMar. 25 Purchase200 units @ $62.00 per unitMar. 29 Sales160 units @ $95.00 per unitTotals820 units580 units3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (C) weighted average, and (d) specific identification. Forspecific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; theMarch 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.

Under FIFO method of Inventory, inventory which are purchased first are sold first. Note: Since you…

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. Activities Units Acquired at Cost 100 units @ $50.00 per unit 400 units @ $5.00 per unit Date Units Sold at Retail 1 Beginning inventory 5 Purchase 9 Sales 18 Purchase Mar. Mar. Mar. Mar. Mar. 25 Purchase Mar. 29 Sales 420 units @ $85.00 per unit 120 units @ $60.00 per unit 200 units @ $62.00 per unit 160 units @ $95.00 per unit Totals 820 units 580 units 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 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.

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. Activities Units Acquired at Cost 100 units @ $50.00 per unit 400 units @ $5.00 per unit Date Units Sold at Retail 1 Beginning inventory 5 Purchase 9 Sales 18 Purchase Mar. Mar. Mar. Mar. Mar. 25 Purchase Mar. 29 Sales 420 units @ $85.00 per unit 120 units @ $60.00 per unit 200 units @ $62.00 per unit 160 units @ $95.00 per unit Totals 820 units 580 units 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 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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