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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 Units Acquired at Cost 130 units @ $51.60 per unit 240 units @ $56.60 per unit Units Sold at Retail Sales Purchase Purchase Sales Totals 290 units @ $86.60 per unit 100 units @ $61.60 per unit 180 units @ $63.60 per unit 650 units 160 units @ $96.60 per unit 450 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 80 units from beginning inventory, 210 units from the March 5 purchase, 60 units from the March 18 purchase, and 100 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units March 1 130 at $51.60 Inventory Balance Cost per unit Inventory Balance $ 6,708.00 210 at $56.60 March 5 at $51.60 at $ 56.60

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 Units Acquired at Cost 130 units @ $51.60 per unit 240 units @ $56.60 per unit Units Sold at Retail Sales Purchase Purchase Sales Totals 290 units @ $86.60 per unit 100 units @ $61.60 per unit 180 units @ $63.60 per unit 650 units 160 units @ $96.60 per unit 450 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 80 units from beginning inventory, 210 units from the March 5 purchase, 60 units from the March 18 purchase, and 100 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units March 1 130 at $51.60 Inventory Balance Cost per unit Inventory Balance $ 6,708.00 210 at $56.60 March 5 at $51.60 at $ 56.60

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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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 Units Acquired at Cost 130 units @ $51.60 per unit 240 units @ $56.60 per unit Units Sold at Retail Sales Purchase Purchase Sales Totals 290 units @ $86.60 per unit 100 units @ $61.60 per unit 180 units @ $63.60 per unit 650 units 160 units @ $96.60 per unit 450 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 80 units from beginning inventory, 210 units from the March 5 purchase, 60 units from the March 18 purchase, and 100 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units March 1 130 at $51.60 Inventory Balance Cost per unit Inventory Balance $ 6,708.00 210 at $56.60 March 5 at $51.60 at $ 56.60
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 Activities Beginning inventory Purchase Units Acquired at Cost 130 units @ $51.60 per unit 240 units @ $56.60 per unit Units Sold at Retail Sales Purchase Purchase Sales Totals 290 units @ $86.60 per unit 100 units @ $61.60 per unit 180 units @ $63.60 per unit 650 units 160 units @ $96.60 per unit 450 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 80 units from beginning inventory, 210 units from the March 5 purchase, 60 units from the March 18 purchase, and 100 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units March 1 130 at $51.60 Inventory Balance Cost per unit Inventory Balance $ 6,708.00 210 at $56.60 March 5 at $51.60 at $ 56.60
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