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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. Activities Units Sold at Retail Date Units Acquired at Cost March 1 March 5 Beginning inventory Purchase 110 units 230 units March 9 Sales March 18 March 25 Purchase Purchase 90 units 160 units $51.20 per unit $56.20 per unit @$61.20 per unit @$63.20 per unit 270 units @ $86.20 per unit March 29 Sales Totals 590 units 140 units $96.20 per unit 410 units . Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For pecific identification, units sold include 70 units from beginning inventory, 200 units from the March 5 purchase, 50 units from the March 18 purchase, and 90 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 Sold at Retail Date Units Acquired at Cost March 1 March 5 Beginning inventory Purchase 110 units 230 units March 9 Sales March 18 March 25 Purchase Purchase 90 units 160 units $51.20 per unit $56.20 per unit @$61.20 per unit @$63.20 per unit 270 units @ $86.20 per unit March 29 Sales Totals 590 units 140 units $96.20 per unit 410 units . Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For pecific identification, units sold include 70 units from beginning inventory, 200 units from the March 5 purchase, 50 units from the March 18 purchase, and 90 units from the March 25 purchase.

FINANCIAL ACCOUNTING
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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! 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 Sales Purchase Purchase Sales Totals Units Acquired at Cost 110 units @ $51.20 per unit 230 units $56.20 per unit Units Sold at Retail 270 units $86.20 per unit 90 units 160 units $61.20 per unit @ $63.20 per unit 140 units @$96.20 per unit 590 units 410 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 70 units from beginning inventory, 200 units from the March 5 purchase, 50 units from the March 18 purchase, and 90 units from the March 25 purchase.
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 Sales Purchase Purchase Sales Totals Units Acquired at Cost 110 units @ $51.20 per unit 230 units $56.20 per unit Units Sold at Retail 270 units $86.20 per unit 90 units 160 units $61.20 per unit @ $63.20 per unit 140 units @$96.20 per unit 590 units 410 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 70 units from beginning inventory, 200 units from the March 5 purchase, 50 units from the March 18 purchase, and 90 units from the March 25 purchase.
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