[The following information opplies to the questions displayed below.} Wermenwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transoctions for March. units Acquired at Cost 100 unitse s67.00 per unit 400 units e $72.00 per unit Activities units sold at Retail Date Mar. 1 Beginning inventory Mar. S Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 420 units @ $102.0 per unit 120 unitse S77.00 per unit 200 unitse $79.00 per unit 160 units s112.00 per unit Totals 820 units s80 units Compute the cost assigned to ending inventory using (0) FIFO, (b) LIFO. (c) weighted average, and (d) specific identification. For ecific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the arch 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.
[The following information opplies to the questions displayed below.} Wermenwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transoctions for March. units Acquired at Cost 100 unitse s67.00 per unit 400 units e $72.00 per unit Activities units sold at Retail Date Mar. 1 Beginning inventory Mar. S Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 420 units @ $102.0 per unit 120 unitse S77.00 per unit 200 unitse $79.00 per unit 160 units s112.00 per unit Totals 820 units s80 units Compute the cost assigned to ending inventory using (0) FIFO, (b) LIFO. (c) weighted average, and (d) specific identification. For ecific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the arch 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![## Required Information
**[The following information applies to the questions displayed below.]**
Wernwoods 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 | 100 units @ $67.00 per unit | |
| Mar. 5 | Purchase | 400 units @ $72.00 per unit | 420 units @ $102.00 per unit |
| Mar. 18 | Purchase | 120 units @ $77.00 per unit | |
| Mar. 25 | Purchase | 200 units @ $79.00 per unit | |
| Mar. 29 | Sales | | 160 units @ $112.00 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.
---
### Perpetual FIFO
| Date | Goods Purchased | Cost of Goods Sold | Inventory Balance |
|----------|-------------------------------------|---------------------------------------------|-------------------------------------------------|
| | # of units | Cost per unit | | # of units | Cost per unit | Cost of Goods Sold | | # of units | Cost per unit | Inventory Balance |
| March 1 | | | | 100 | @$67.00 | | | 100 | @$67.00 | $6,700.00 |
| March 5 | 400 | @$72.00 | | 400 | @$72.00 | | | 400 | @$72.00 | $28,800.00 |
| | | | | | | | | | | $35,](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4726056b-a0d8-4167-a534-8f03670a441a%2Fd3d46f7f-fec3-4c1e-8306-304256aea84f%2Fg83qwj4_processed.png&w=3840&q=75)
Transcribed Image Text:## Required Information
**[The following information applies to the questions displayed below.]**
Wernwoods 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 | 100 units @ $67.00 per unit | |
| Mar. 5 | Purchase | 400 units @ $72.00 per unit | 420 units @ $102.00 per unit |
| Mar. 18 | Purchase | 120 units @ $77.00 per unit | |
| Mar. 25 | Purchase | 200 units @ $79.00 per unit | |
| Mar. 29 | Sales | | 160 units @ $112.00 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.
---
### Perpetual FIFO
| Date | Goods Purchased | Cost of Goods Sold | Inventory Balance |
|----------|-------------------------------------|---------------------------------------------|-------------------------------------------------|
| | # of units | Cost per unit | | # of units | Cost per unit | Cost of Goods Sold | | # of units | Cost per unit | Inventory Balance |
| March 1 | | | | 100 | @$67.00 | | | 100 | @$67.00 | $6,700.00 |
| March 5 | 400 | @$72.00 | | 400 | @$72.00 | | | 400 | @$72.00 | $28,800.00 |
| | | | | | | | | | | $35,
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