[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.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11E: Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the...
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