Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Activities Beginning inventory Purchase March 9 March 18 March 25 Sales Purchase Purchase March 29 Sales Totals Units Acquired at Cost 190 units @ $52.80 per unit 270 units @ $57.80 per unit 130 units 240 units Units Sold at Retail 350 units @$87.80 per unit @ $62.80 per unit @$64.80 per unit 830 units 220 units $97.80 per unit 570 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 110 units from beginning inventory, 240 units from the March 5 purchase, 90 units from the March 18 purchase, and 130 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 Activities Beginning inventory Purchase March 9 March 18 March 25 Sales Purchase Purchase March 29 Sales Totals Units Acquired at Cost 190 units @ $52.80 per unit 270 units @ $57.80 per unit 130 units 240 units Units Sold at Retail 350 units @$87.80 per unit @ $62.80 per unit @$64.80 per unit 830 units 220 units $97.80 per unit 570 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 110 units from beginning inventory, 240 units from the March 5 purchase, 90 units from the March 18 purchase, and 130 units from the March 25 purchase.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![Required information
[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
March 1
March 5
Activities
Beginning inventory
Purchase
Units Acquired at Cost
Units Sold at Retail
190 units
270 units
@ $52.80 per unit
@$57.80 per unit
March 9
Sales
350 units @ $87.80 per unit
March 18
March 25
March 29
Purchase
Purchase
Sales
130 units
240 units
@ $62.80 per unit
@ $64.80 per unit
Totals
830 units
220 units @$97.80 per unit
570 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 110 units from beginning inventory, 240 units from the March 5 purchase, 90 units from the
March 18 purchase, and 130 units from the March 25 purchase.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7fa8826c-befd-446c-b488-5adc61d7c0a5%2Fe4d691b8-0be3-4660-94ca-735113507a1c%2Fjmkutp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[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
March 1
March 5
Activities
Beginning inventory
Purchase
Units Acquired at Cost
Units Sold at Retail
190 units
270 units
@ $52.80 per unit
@$57.80 per unit
March 9
Sales
350 units @ $87.80 per unit
March 18
March 25
March 29
Purchase
Purchase
Sales
130 units
240 units
@ $62.80 per unit
@ $64.80 per unit
Totals
830 units
220 units @$97.80 per unit
570 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 110 units from beginning inventory, 240 units from the March 5 purchase, 90 units from the
March 18 purchase, and 130 units from the March 25 purchase.
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