Question

In: Accounting

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 90 units @ $50.80 per unit
Mar. 5 Purchase 220 units @ $55.80 per unit
Mar. 9 Sales 250 units @ $85.80 per unit
Mar. 18 Purchase 80 units @ $60.80 per unit
Mar. 25 Purchase 140 units @ $62.80 per unit
Mar. 29 Sales 120 units @ $95.80 per unit
Totals 530 units 370 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 60 units from beginning inventory and 190 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 80 units from the March 25 purchase.

Solutions

Expert Solution

Answer to Question 3-a:

Final Answer and Explanations to Question 3-a:

Answer to Question 3-b:

Final Answer and Explanations to Question 3-b:

Answer to Question 3-c:

Final Answer and Explanations to Question 3-c:

Answer to Question 3-d:

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

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 170 units @ $52.40 per unit Mar. 5 Purchase 260 units @ $57.40 per unit Mar. 9 Sales 330 units @ $87.40 per unit Mar. 18 Purchase 120 units @ $62.40 per unit Mar. 25 Purchase 220...
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      80   units   @ $50.60 per unit                   Mar.   5      Purchase      215   units   @ $55.60 per unit                   Mar.   9      Sales        ...
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 160 units @ $52.20 per unit Mar. 5 Purchase 255 units @ $57.20 per unit Mar. 9 Sales 320 units @ $87.20 per unit Mar. 18 Purchase 115 units @ $62.20 per unit Mar. 25 Purchase 210...
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 90 units @ $50.80 per unit Mar. 5 Purchase 220 units @ $55.80 per unit Mar. 9 Sales 250 units @ $85.80 per unit Mar. 18 Purchase 80 units @ $60.80 per unit Mar. 25 Purchase 140...
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...
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...
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 160 units @ $52.20 per unit Mar. 5 Purchase 255 units @ $57.20 per unit Mar. 9 Sales 320 units @ $87.20 per unit Mar. 18 Purchase 115 units @ $62.20 per unit Mar. 25 Purchase 210...
Required information [The following information applies to the questions displayed below.]    Warnerwoods Company uses a...
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...
[The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system....
[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 140 units @ $51.80 per unit Mar. 5 Purchase 245 units @ $56.80 per unit Mar. 9 Sales 300 units @ $86.80 per unit Mar. 18 Purchase 105 units @ $61.80 per unit Mar. 25 Purchase 190 units @...
[The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system....
[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 150 units @ $52.00 per unit Mar. 5 Purchase 250 units @ $57.00 per unit Mar. 9 Sales 310 units @ $87.00 per unit Mar. 18 Purchase 110 units @ $62.00 per unit Mar. 25 Purchase 200 units @...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT