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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions...


Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.

Date Activities Units Acquired at Cost Units Sold at Retail
Mar. 1 Beginning inventory 250 units @ $54.00 per unit
Mar. 5 Purchase 300 units @ $59.00 per unit
Mar. 9 Sales 410 units @ $89.00 per unit
Mar. 18 Purchase 160 units @ $64.00 per unit
Mar. 25 Purchase 300 units @ $66.00 per unit
Mar. 29 Sales 280 units @ $99.00 per unit
Totals 1,010 units 690 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 140 units from beginning inventory and 270 units from the March 5 purchase; the March 29 sale consisted of 120 units from the March 18 purchase and 160 units from the March 25 purchase.

DO ALL 4!!!

Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 140 units from beginning inventory and 270 units from the March 5 purchase; the March 29 sale consisted of 120 units from the March 18 purchase and 160 units from the March 25 purchase.

4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 140 units from beginning inventory and 270 units from the March 5 purchase; the March 29 sale consisted of 120 units from the March 18 purchase and 160 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)

FIFO LIFE AVG Cost Spec ID
sales

less COGS

GP

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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