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 Mar. 1 Beginning inventory 110 units @ $51.20 per unit Mar. 5 Purchase 230 units @ $56.20 per unit Mar. 9 Sales 270 units @ $86.20 per unit Mar. 18 Purchase 90 units @ $61.20 per unit Mar. 25 Purchase 160 units @ $63.20 per unit Mar. 29 Sales 140 units @ $96.20 per unit Totals 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, the March 9 sale consisted of 70 units from beginning inventory and 200 units from the March 5 purchase; the March 29 sale consisted of 50 units from the March 18 purchase and 90 units from the March 25 purchase. I have the answers but I want to make sure it is correct please.
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 Mar. 1 Beginning inventory 110 units @ $51.20 per unit Mar. 5 Purchase 230 units @ $56.20 per unit Mar. 9 Sales 270 units @ $86.20 per unit Mar. 18 Purchase 90 units @ $61.20 per unit Mar. 25 Purchase 160 units @ $63.20 per unit Mar. 29 Sales 140 units @ $96.20 per unit Totals 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, the March 9 sale consisted of 70 units from beginning inventory and 200 units from the March 5 purchase; the March 29 sale consisted of 50 units from the March 18 purchase and 90 units from the March 25 purchase. I have the answers but I want to make sure it is correct please.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
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 | |||||||||
Mar. | 1 | Beginning inventory | 110 | units | @ $51.20 per unit | |||||||
Mar. | 5 | Purchase | 230 | units | @ $56.20 per unit | |||||||
Mar. | 9 | Sales | 270 | units | @ $86.20 per unit | |||||||
Mar. | 18 | Purchase | 90 | units | @ $61.20 per unit | |||||||
Mar. | 25 | Purchase | 160 | units | @ $63.20 per unit | |||||||
Mar. | 29 | Sales | 140 | units | @ $96.20 per unit | |||||||
Totals | 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, the March 9 sale consisted of 70 units from beginning inventory and 200 units from the March 5 purchase; the March 29 sale consisted of 50 units from the March 18 purchase and 90 units from the March 25 purchase.
I have the answers but I want to make sure it is correct please.
![Required
Perpetual
LIFO
Weighted
Average
Specific Id
Perpetual
FIFO
Compute the cost assigned to ending inventory using LIFO.
Perpetual LIFO:
Inventory Balance
Cost of Goods Sold
Cost per
Goods Purchased
Cost per
unit
Inventory
Balance
# of units
Cost per # of units sold
unit
# of
Cost of Goods Sold
Date
unit
units
110
$ 51.20
$4
5,632.00
!!
March 1
110
$ 51.20 =
5,632.00
March 5
230 @
$ 56.20
230
$ 56.20 =
12,926.00
$ 18,558.00
$ 51.20
2,048.00
70
$ 51.20
3,584.00
40
%3D
March 9
$ 56.20
12,926.00
$ 56.20
230
$ 14,974.00
3,584.00
70
$ 51.20 =
$
3,584.00
March 18
90 @
$ 61.20
$ 56.20
$ 61.20
0.
90
5,508.00
2$
9,092.00
160 @
$ 63.20
70
$ 51.20
3,584.00
March 25
$ 56.20
90
S 61.20
5,508.00
160
$ 63.20
10,112.00
$ 19,204.00
@
$ 51.20
24
0.00
70
$ 51.20 =
3,584.00
%3D
March 29
$ 56.20
0.00
$ 56.20
%3D
90 @
$ 61.20
$ 63.20
$ 61.20
$ 63.20
0| @
0 00
5,508.00
140 @
8,848.00
20 @
1,264.00
!!
8,848.00
$ 10,356.00
Totals
$ 23,822.00
$ 10,356.00
%24
I|||
%24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2bcd9420-2e71-4537-86fb-91c5a0e6047d%2F68d0c025-6991-4af7-bb64-05fb61dc4ba9%2Ftncauq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required
Perpetual
LIFO
Weighted
Average
Specific Id
Perpetual
FIFO
Compute the cost assigned to ending inventory using LIFO.
Perpetual LIFO:
Inventory Balance
Cost of Goods Sold
Cost per
Goods Purchased
Cost per
unit
Inventory
Balance
# of units
Cost per # of units sold
unit
# of
Cost of Goods Sold
Date
unit
units
110
$ 51.20
$4
5,632.00
!!
March 1
110
$ 51.20 =
5,632.00
March 5
230 @
$ 56.20
230
$ 56.20 =
12,926.00
$ 18,558.00
$ 51.20
2,048.00
70
$ 51.20
3,584.00
40
%3D
March 9
$ 56.20
12,926.00
$ 56.20
230
$ 14,974.00
3,584.00
70
$ 51.20 =
$
3,584.00
March 18
90 @
$ 61.20
$ 56.20
$ 61.20
0.
90
5,508.00
2$
9,092.00
160 @
$ 63.20
70
$ 51.20
3,584.00
March 25
$ 56.20
90
S 61.20
5,508.00
160
$ 63.20
10,112.00
$ 19,204.00
@
$ 51.20
24
0.00
70
$ 51.20 =
3,584.00
%3D
March 29
$ 56.20
0.00
$ 56.20
%3D
90 @
$ 61.20
$ 63.20
$ 61.20
$ 63.20
0| @
0 00
5,508.00
140 @
8,848.00
20 @
1,264.00
!!
8,848.00
$ 10,356.00
Totals
$ 23,822.00
$ 10,356.00
%24
I|||
%24
![Compute the cost assigned to ending inventory using HI
Inventory Balance
Cost per
unit
Perpetual FIFO:
Cost of Goods Sold
Goods Purchased
Cost per
unit
Inventory
Balance
# of units
# of
Cost per Cost of Goods Sold
unit
# of units sold
Date
110 @
$ 51.20
$5,632.00
units
March 1
110 @
$ 51.20 =
$ 5,632.00
March 5
230 @
$ 56.20
230 @
$ 56.20
12,926.00
$ 18,558.00
5,632.00
0 @
$ 51.20
$ 51.20
$ 56.20
110 @
%3D
March 9
70
S 56.20
3,934.00
160 @
8,992.00
%3D
$3,934.00
14,624.00
@
$ 51.20
March 18
90 @
$ 61.20
$ 56.20
3,934.00
70
90 @
$ 61.20
5,508.00
$ 9,442.00
$ 51.20
March 25
160 @
$ 63.20
70 @
$ 56.20
3,934.00
90
$ 61.20
5,508.00
%D
160
$ 63.20 =
10,112.00
S 19,554.00
$ 51.20
$4
0.00
S 51.20
March 29
$ 56.20
S 61.20
$ 63.20
70
$ 56.20
3,934.00
70
$ 61.20
4,284.00
20
1,224.00
$ 63.20
0.00
160
@
10,112.00
8,218.00
$ 11,336.00
Totals
22,842.00
S 11,336.00
Perpetual FIrd
Perpetual LIFO
%24
%24
OOOO](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2bcd9420-2e71-4537-86fb-91c5a0e6047d%2F68d0c025-6991-4af7-bb64-05fb61dc4ba9%2Ff05tg8h_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Compute the cost assigned to ending inventory using HI
Inventory Balance
Cost per
unit
Perpetual FIFO:
Cost of Goods Sold
Goods Purchased
Cost per
unit
Inventory
Balance
# of units
# of
Cost per Cost of Goods Sold
unit
# of units sold
Date
110 @
$ 51.20
$5,632.00
units
March 1
110 @
$ 51.20 =
$ 5,632.00
March 5
230 @
$ 56.20
230 @
$ 56.20
12,926.00
$ 18,558.00
5,632.00
0 @
$ 51.20
$ 51.20
$ 56.20
110 @
%3D
March 9
70
S 56.20
3,934.00
160 @
8,992.00
%3D
$3,934.00
14,624.00
@
$ 51.20
March 18
90 @
$ 61.20
$ 56.20
3,934.00
70
90 @
$ 61.20
5,508.00
$ 9,442.00
$ 51.20
March 25
160 @
$ 63.20
70 @
$ 56.20
3,934.00
90
$ 61.20
5,508.00
%D
160
$ 63.20 =
10,112.00
S 19,554.00
$ 51.20
$4
0.00
S 51.20
March 29
$ 56.20
S 61.20
$ 63.20
70
$ 56.20
3,934.00
70
$ 61.20
4,284.00
20
1,224.00
$ 63.20
0.00
160
@
10,112.00
8,218.00
$ 11,336.00
Totals
22,842.00
S 11,336.00
Perpetual FIrd
Perpetual LIFO
%24
%24
OOOO
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