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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 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 11 months ago
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