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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Units Acquired at Cost 100 units@ $50 per unit 400 units@ $55 per unit Activities Units Sold at Retail 420 units@ $85 per unit 120 units@ $60 per unit 200 units@ $62 per unit 160 units@ $95 per unit 580 units Totals 820 units 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 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. Complete this question by eiering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance #of Cost # of units Cost Cost per unit Inventory Balance Date Cost of Goods Sold # of units units per unit sold per unit March 1 100 @ $50.00= 5,000.00 March 5 400 @ $55.00 100 @ $50.00 = $ 5,000.00 22,000.00 $ 27,000.00 400 @ Average $55.00 = $54.00- 500 @ March 9 420 @ $54.00 = 22,680.00 80 @ $54.00- %24 4,320.00 March 18 120 @ $60.00 80 @ $54.00 - $60.00= $ 4,320.00 7,200.00 $ 11,520.00 120 @ Average 200 @ $57.00- March 25 200 @ $62.00 $ 4,560.00 7,440.00 $ 12,000.00 80 @ $57.00- $62.00 120 @ 200 @ $59.80 March 29 Totals

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Units Acquired at Cost 100 units@ $50 per unit 400 units@ $55 per unit Activities Units Sold at Retail 420 units@ $85 per unit 120 units@ $60 per unit 200 units@ $62 per unit 160 units@ $95 per unit 580 units Totals 820 units 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 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. Complete this question by eiering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance #of Cost # of units Cost Cost per unit Inventory Balance Date Cost of Goods Sold # of units units per unit sold per unit March 1 100 @ $50.00= 5,000.00 March 5 400 @ $55.00 100 @ $50.00 = $ 5,000.00 22,000.00 $ 27,000.00 400 @ Average $55.00 = $54.00- 500 @ March 9 420 @ $54.00 = 22,680.00 80 @ $54.00- %24 4,320.00 March 18 120 @ $60.00 80 @ $54.00 - $60.00= $ 4,320.00 7,200.00 $ 11,520.00 120 @ Average 200 @ $57.00- March 25 200 @ $62.00 $ 4,560.00 7,440.00 $ 12,000.00 80 @ $57.00- $62.00 120 @ 200 @ $59.80 March 29 Totals

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 100 units @ $50 per unit 400 units@ $55 per unit Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities 1 Beginning inventory 5 Purchase 9 Sales 420 units @ $85 per unit 120 units @ $60 per unit 200 units @ $62 per unit 160 units @ $95 per unit Totals 820 units 580 units 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 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. es Complete this question by einering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance # of units # of units sold Cost Cost Cost Inventory Balance Date Cost of Goods Sold # of units per unit per unit per unit March 1 100 @ $50.00 5,000.00 March 5 400 @ $55.00 100 @ $50.00 = 5,000.00 400 @ $55.00 = 22,000.00 Average 500 @ $54.00 = $27,000.00 March 9 420 @ $54.00 22,680.00 80 @ $54.00 = 4,320.00 March 18 120 @ $60.00 80 @ $54.00 = 4,320.00 7,200.00 $11,520.00 %3D 120 @ $60.00 = Average 200 @ $57.00 = %3D March 25 200 $62.00 80 @ $57.00 = 4,560.00 120 @ $62.00 = 7,440.00 $ 12,000.00 200 @ $59.80 = March 29 Totals 22,680.00 %24 %24 %24 %24 %24 %3D %24 %24
Transcribed Image Text:Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 100 units @ $50 per unit 400 units@ $55 per unit Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities 1 Beginning inventory 5 Purchase 9 Sales 420 units @ $85 per unit 120 units @ $60 per unit 200 units @ $62 per unit 160 units @ $95 per unit Totals 820 units 580 units 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 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. es Complete this question by einering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance # of units # of units sold Cost Cost Cost Inventory Balance Date Cost of Goods Sold # of units per unit per unit per unit March 1 100 @ $50.00 5,000.00 March 5 400 @ $55.00 100 @ $50.00 = 5,000.00 400 @ $55.00 = 22,000.00 Average 500 @ $54.00 = $27,000.00 March 9 420 @ $54.00 22,680.00 80 @ $54.00 = 4,320.00 March 18 120 @ $60.00 80 @ $54.00 = 4,320.00 7,200.00 $11,520.00 %3D 120 @ $60.00 = Average 200 @ $57.00 = %3D March 25 200 $62.00 80 @ $57.00 = 4,560.00 120 @ $62.00 = 7,440.00 $ 12,000.00 200 @ $59.80 = March 29 Totals 22,680.00 %24 %24 %24 %24 %24 %3D %24 %24
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