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 @ $58.80 per unit 155 units @ $63.80 per unit 290 units @ $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 @ $58.80 per unit 155 units @ $63.80 per unit 290 units @ $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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
![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
Total
Perpetual FIFO Perpetual LIFO
Activities
Beginning inventory
Purchase
Sales
Purchase
Purchase
Sales
Totals
Date
March 1
March 5
March 18
March 25
Complete this question by entering your answers in the tabs below.
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.
Weighted
Average
Goods Available for Sale
# of units
Spearic Id
0
Compute the cost assigned to ending inventory using 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.
Cost per
unit
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 @ $65.80 per unit
980 units
$
$
Cost of Goods
Available for
Sale
Specific Identification
0
0
0
0
0
Cost of Goods Sold
# of units
sold
0
Cost per
unit
$
27
Cost of
Goods Sold
0.00 $
0.00
0.00
$
Units Sold at Retail
0
0
0
400 units @ $88.80 per unit
0
270 units @ $98.80 per unit
670 units
Ending Inventory
Cost per
unit
# of units
in ending
inventory
0
Ending
Inventory
$ 0.00 $
0.00
0.00
0.00
$
0
0
of
0
0
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9870bfeb-e26e-42f8-8342-bb7dac6347ce%2F256bb7d3-2c17-4de2-a509-e926cb2b2299%2Fbm7wwnm_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
Total
Perpetual FIFO Perpetual LIFO
Activities
Beginning inventory
Purchase
Sales
Purchase
Purchase
Sales
Totals
Date
March 1
March 5
March 18
March 25
Complete this question by entering your answers in the tabs below.
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.
Weighted
Average
Goods Available for Sale
# of units
Spearic Id
0
Compute the cost assigned to ending inventory using 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.
Cost per
unit
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 @ $65.80 per unit
980 units
$
$
Cost of Goods
Available for
Sale
Specific Identification
0
0
0
0
0
Cost of Goods Sold
# of units
sold
0
Cost per
unit
$
27
Cost of
Goods Sold
0.00 $
0.00
0.00
$
Units Sold at Retail
0
0
0
400 units @ $88.80 per unit
0
270 units @ $98.80 per unit
670 units
Ending Inventory
Cost per
unit
# of units
in ending
inventory
0
Ending
Inventory
$ 0.00 $
0.00
0.00
0.00
$
0
0
of
0
0
0
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
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](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education