Warnerwoods Company uses a
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
Problem 5-1A (Algo) Perpetual: Alternative cost flows LO P1
[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
March 9
March 18
March 25
March 29
Date
March 1
March 5
Complete this question by entering your answers in the tabs below.
Total March 5
Perpetual FIFO Perpetual LIFO
Weighted
Average
Specific Id
Compute the cost assigned to ending inventory using FIFO.
March 9
Problem 5-1A (Algo) 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, units sold include 75 units from beginning inventory, 205 units from the March 5 purchase, 55 units from the
March 18 purchase, and 95 units from the March 25 purchase.
Total March 9
March 18
Total March 18
March 25
Activities
Total March 25
Beginning inventory
Purchase
Sales
Purchase
Purchase
Sales
Totals
March 29
Total March 29
Totals
Units Acquired at Cost
120 units @ $51.40 per unit
235 units $56.40 per unit
Goods Purchased
# of units
95 units @ $61.40 per unit
170 units @ $63.40 per unit.
Cost
per unit
620 units
# of units
sold
Perpetual FIFO:
Cost of Goods Sold
Cost
per unit
Cost of Goods Sold
Perpetual FIFO
Units Sold at Retail
280 units $86.40 per unit
# of units
120
150 units @ $96.40 per unit
430 units
Inventory Balance
Cost
per unit
at $51.40 =
Perpetual LIFO >
Inventory
Balance
$ 6,168.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4d4b00a5-a55d-4357-96b4-1a47e0f88e7c%2Fde8171ec-8389-4064-b928-af5e5d4dc0f5%2Fy5tq3z_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Problem 5-1A (Algo) Perpetual: Alternative cost flows LO P1
[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
March 9
March 18
March 25
March 29
Date
March 1
March 5
Complete this question by entering your answers in the tabs below.
Total March 5
Perpetual FIFO Perpetual LIFO
Weighted
Average
Specific Id
Compute the cost assigned to ending inventory using FIFO.
March 9
Problem 5-1A (Algo) 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, units sold include 75 units from beginning inventory, 205 units from the March 5 purchase, 55 units from the
March 18 purchase, and 95 units from the March 25 purchase.
Total March 9
March 18
Total March 18
March 25
Activities
Total March 25
Beginning inventory
Purchase
Sales
Purchase
Purchase
Sales
Totals
March 29
Total March 29
Totals
Units Acquired at Cost
120 units @ $51.40 per unit
235 units $56.40 per unit
Goods Purchased
# of units
95 units @ $61.40 per unit
170 units @ $63.40 per unit.
Cost
per unit
620 units
# of units
sold
Perpetual FIFO:
Cost of Goods Sold
Cost
per unit
Cost of Goods Sold
Perpetual FIFO
Units Sold at Retail
280 units $86.40 per unit
# of units
120
150 units @ $96.40 per unit
430 units
Inventory Balance
Cost
per unit
at $51.40 =
Perpetual LIFO >
Inventory
Balance
$ 6,168.00
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