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Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual...

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 Activities Units Acquired at Cost Units Sold at Retail
Mar. 1 Beginning inventory 100 units @ $50.00 per unit
Mar. 5 Purchase 400 units @ $55.00 per unit
Mar. 9 Sales 420 units @ $85.00 per unit
Mar. 18 Purchase 120 units @ $60.00 per unit
Mar. 25 Purchase 200 units @ $62.00 per unit
Mar. 29 Sales 160 units @ $95.00 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.

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ekkarill92 answered 1 year ago
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