Required informationProblem 6-1A Perpetual: Alternative cost flows LO P1Skip to 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. DateActivitiesUnits Acquired at CostUnits Sold at Retail Mar.1 Beginning inventory 140units@ $51.80 per unit Mar.5 Purchase 245units@ $56.80 per unit Mar.9 Sales 300units@ $86.80 per unit Mar.18 Purchase 105units@ $61.80 per unit Mar.25 Purchase 190units@ $63.80 per unit Mar.29 Sales 170units@ $96.80 per unit Totals 680units 470units Problem 6-1A Part 33. 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 85 units from beginning inventory and 215 units from the March 5 purchase; the March 29 sale consisted of 65 units from the March 18 purchase and 105 units from the March 25 purchase.

Name: Required informationProblem 6-1A Perpetual: Alternative cost flows LO
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Description: Required informationProblem 6-1A Perpetual: Alternative cost flows LO P1Skip to question [The following information applies to the questions displayed below.]Warnerwoods Company uses a perpetual inventory system. It entered into the following purchas

Date Purchase Cost of goods sold Balance Inventory Quantity Cost per Unit (In $) Total Cost…

Answered: Warnerwoods Company uses a perpetual…

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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Required information

Problem 6-1A Perpetual: Alternative cost flows LO P1

Skip to 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.

Beginning inventory

140

units

@ $51.80 per unit

Mar.

Purchase

245

units

@ $56.80 per unit

Mar.

Sales

300

units

@ $86.80 per unit

Mar.

Purchase

105

units

@ $61.80 per unit

Mar.

Purchase

190

units

@ $63.80 per unit

Mar.

Sales

170

units

@ $96.80 per unit

Totals

680

units

470

units

Problem 6-1A Part 3

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 85 units from beginning inventory and 215 units from the March 5 purchase; the March 29 sale consisted of 65 units from the March 18 purchase and 105 units from the March 25 purchase.

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