Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Activities Date Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit 80 units@ $60.80 per unit 140 units @ $62.80 per unit 530 units Units Sold at Retail 250 units @ $85.80 per unit 120 units@ $95.80 per unit 370 units
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Activities Date Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit 80 units@ $60.80 per unit 140 units @ $62.80 per unit 530 units Units Sold at Retail 250 units @ $85.80 per unit 120 units@ $95.80 per unit 370 units
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Wanerwoods company uses a perpetual inventory system
![Return 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.
Activities
Units Acquired at Cost
90 units @ $50.80 per unit
220 units @ $55.80 per unit
Date
Units Sold at Retail
1 Beginning inventory
5 Purchase
9 Sales
Mar.
• Mar.
Mar.
250 units @ $85.80 per unit
80 units @ $60.80 per unit
140 units @ $62.80 per unit
Mar. 18 Purchase
Mar. 25 Purchase
Mar. 29 Sales
120 units @ $95.80 per unit
Totals
530 units
370 units
Problem 5-1A 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 60 units from beginning inventory and 190 units from the March 5 purchase; the
March 29 sale consisted of 40 units from the March 18 purchase and 80 units from the March 25 purchase.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fafc613be-7d86-4fc7-875f-926e475289ca%2Fc1f3fec2-857f-4e23-a5f3-e5c35b19cf0c%2Fubh487e_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Return 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.
Activities
Units Acquired at Cost
90 units @ $50.80 per unit
220 units @ $55.80 per unit
Date
Units Sold at Retail
1 Beginning inventory
5 Purchase
9 Sales
Mar.
• Mar.
Mar.
250 units @ $85.80 per unit
80 units @ $60.80 per unit
140 units @ $62.80 per unit
Mar. 18 Purchase
Mar. 25 Purchase
Mar. 29 Sales
120 units @ $95.80 per unit
Totals
530 units
370 units
Problem 5-1A 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 60 units from beginning inventory and 190 units from the March 5 purchase; the
March 29 sale consisted of 40 units from the March 18 purchase and 80 units from the March 25 purchase.
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