Homework Help is Here – Start Your Trial Now!
Business
Accounting
[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 220 units @ $53.40 per unit 285 units @ $58.40 per unit Date Units Sold at Retail 1 Beginning inventory Mar. 5 Purchase 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Mar. Mar. 380 units @ $88.40 per unit 145 units @ $63.40 per unit 270 units @ $65.40 per unit 250 units @ $98.40 per unit Totals 920 units 630 units Problem 6-1A Part 3 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 125 units from beginning inventory and 255 units from the March 5 purchase; the March 29 sale consisted of 105 units from the March 18 purchase and 145 units from the March 25 purchase.

[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 220 units @ $53.40 per unit 285 units @ $58.40 per unit Date Units Sold at Retail 1 Beginning inventory Mar. 5 Purchase 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Mar. Mar. 380 units @ $88.40 per unit 145 units @ $63.40 per unit 270 units @ $65.40 per unit 250 units @ $98.40 per unit Totals 920 units 630 units Problem 6-1A Part 3 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 125 units from beginning inventory and 255 units from the March 5 purchase; the March 29 sale consisted of 105 units from the March 18 purchase and 145 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
See similar textbooks
icon
Related questions
Question
100%

Help with Perpetual FIFO LIFO Weighted average and Specfic ID

Problem 6-1A Part 3 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 125 units from beginning inventory and 255 units from the March 5 purchase; the March 29 sale consisted of 105 units from the March 18 purchase and 145 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Weighted Average Perpetual FIFO Perpetual LIFO Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of units Cost per unit Cost per unit # of units Cost # of units Inventory Balance Date Cost of Goods Sold sold per unit March 1 220 @ $ 53.40 = $ 11,748.00 March 5 285 @ $ 53.40 285 @ $ 53.40 $ 15,219.00 285 @ $ 53.40 = 15,219.00 $ 30,438.00 380 @ $ 53.40 $ 53.40 March 9 $ 53.40 20,292.00 $ 53.40 0.00 20,292.00 March 18 March 25 March 29 Totals 20,292.00
Transcribed Image Text:Problem 6-1A Part 3 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 125 units from beginning inventory and 255 units from the March 5 purchase; the March 29 sale consisted of 105 units from the March 18 purchase and 145 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Weighted Average Perpetual FIFO Perpetual LIFO Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of units Cost per unit Cost per unit # of units Cost # of units Inventory Balance Date Cost of Goods Sold sold per unit March 1 220 @ $ 53.40 = $ 11,748.00 March 5 285 @ $ 53.40 285 @ $ 53.40 $ 15,219.00 285 @ $ 53.40 = 15,219.00 $ 30,438.00 380 @ $ 53.40 $ 53.40 March 9 $ 53.40 20,292.00 $ 53.40 0.00 20,292.00 March 18 March 25 March 29 Totals 20,292.00
! Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 [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 Units Acquired at Cost 220 units @ $53.40 per unit 285 units @ $58.40 per unit Date 1 Beginning inventory Mar. Mar, Mar. 5 Purchase 9 Sales Mar. 18 Purchase Mar. 25 Purchase 380 units @ $88.40 per unit 145 units @ $63.40 per unit 270 units @ $65.40 per unit Mar. 29 Sales 250 units @ $98.40 per unit Totals 920 units 630 units Problem 6-1A Part 3 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 125 units from beginning inventory and 255 units from the March 5 purchase; the March 29 sale consisted of 105 units from the March 18 purchase and 145 units from the March 25 purchase.
Transcribed Image Text:! Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 [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 Units Acquired at Cost 220 units @ $53.40 per unit 285 units @ $58.40 per unit Date 1 Beginning inventory Mar. Mar, Mar. 5 Purchase 9 Sales Mar. 18 Purchase Mar. 25 Purchase 380 units @ $88.40 per unit 145 units @ $63.40 per unit 270 units @ $65.40 per unit Mar. 29 Sales 250 units @ $98.40 per unit Totals 920 units 630 units Problem 6-1A Part 3 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 125 units from beginning inventory and 255 units from the March 5 purchase; the March 29 sale consisted of 105 units from the March 18 purchase and 145 units from the March 25 purchase.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps with 4 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Credit Cards
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS