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Wildhorse Company uses the perpetual inventory system and had the following purchases and sales during March. Sales Purchases Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 110 $20 3/3 Purchase 70 $30 3/4 Sales 80 00 $40 3/10 Purchase 210 $35 3/16 Sales 90 00 $50 3/19 Purchase 50 3/25 Sales 50 $40 130 $50 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO. FIFO LIFO Cost of goods sold $ 14,200 $ Ending inventory $ $

Wildhorse Company uses the perpetual inventory system and had the following purchases and sales during March. Sales Purchases Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 110 $20 3/3 Purchase 70 $30 3/4 Sales 80 00 $40 3/10 Purchase 210 $35 3/16 Sales 90 00 $50 3/19 Purchase 50 3/25 Sales 50 $40 130 $50 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO. FIFO LIFO Cost of goods sold $ 14,200 $ Ending inventory $ $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Wildhorse Company uses the perpetual inventory system and had the following purchases and sales during March. Sales Purchases Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 110 $20 3/3 Purchase 70 $30 3/4 Sales 80 00 $40 3/10 Purchase 210 $35 3/16 Sales 90 00 $50 3/19 Purchase 50 3/25 Sales 50 $40 130 $50 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO. FIFO LIFO Cost of goods sold $ 14,200 $ Ending inventory $ $
Transcribed Image Text:Wildhorse Company uses the perpetual inventory system and had the following purchases and sales during March. Sales Purchases Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 110 $20 3/3 Purchase 70 $30 3/4 Sales 80 00 $40 3/10 Purchase 210 $35 3/16 Sales 90 00 $50 3/19 Purchase 50 3/25 Sales 50 $40 130 $50 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO. FIFO LIFO Cost of goods sold $ 14,200 $ Ending inventory $ $
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