**Warnerwoods Company Inventory Transactions for March**Warnerwoods Company uses a perpetual inventory system and recorded the following purchases and sales transactions for March.| Date | Activities | Units Acquired at Cost | Units Sold at Retail ||------------|------------------------|---------------------------|-------------------------------|| March 1 | Beginning inventory | 240 units @ $53.80 per unit | || March 5 | Purchase | 295 units @ $58.80 per unit | || March 9 | Sales | | 400 units @ $88.80 per unit || March 18 | Purchase | 155 units @ $63.80 per unit | || March 25 | Purchase | 290 units @ $65.80 per unit | || March 29 | Sales | | 270 units @ $98.80 per unit || **Totals** | | **980 units** | **670 units** |**Task 3:** Compute the cost assigned to ending inventory using:- (a) FIFO (First-In, First-Out)- (b) LIFO (Last-In, First-Out)- (c) Weighted Average- (d) Specific IdentificationFor Specific Identification, assume units sold include:- 135 units from the beginning inventory- 265 units from the March 5 purchase- 115 units from the March 18 purchase- 155 units from the March 25 purchase.**Instructions:**Complete this computation by entering your answers in the tabs provided below.**Tabs:**- Perpetual FIFO- Perpetual LIFO- Weighted Average- Specific Identification**Weighted Average Perpetual Calculation:**Compute the cost assigned to ending inventory using weighted average. Note: Round your average cost per unit to 2 decimal places.The table below has columns for "Date," Goods Purchased (number of units, cost per unit), Cost of Goods Sold (number of units sold, cost per unit, cost of goods sold), and Inventory Balance (number of units, cost per unit, inventory balance).**Example Row (March 1):**| Date | Goods Purchased | Cost of Goods Sold | Inventory Balance ||----------|------------------------|-------------------------|------------------------|| March 1 | # of units:

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Description: **Warnerwoods Company Inventory Transactions for March**Warnerwoods Company uses a perpetual inventory system and recorded the following purchases and sales transactions for March.| Date | Activities | Units Acquired at Cost | U

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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 240 units @ $53.80 per unit 295 units e $58.80 per unit 155 units e $63.80 per unit 290 units e $65.80 per unit 980 units Units Sold at Retail 400 units @ $88.80 per unit 270 units @ $98.80 per unit 670 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 135 units from beginning inventory, 265 units from the March 5 purchase, 115 units from the March 18 purchase, and 155 units from the March 25 purchase.

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 240 units @ $53.80 per unit 295 units e $58.80 per unit 155 units e $63.80 per unit 290 units e $65.80 per unit 980 units Units Sold at Retail 400 units @ $88.80 per unit 270 units @ $98.80 per unit 670 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 135 units from beginning inventory, 265 units from the March 5 purchase, 115 units from the March 18 purchase, and 155 units from the March 25 purchase.

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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