H5.C5 Warnerwoods Company uses a perlodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 100 units @$50 per unit 400 units @$55 per unit Units Sold at Retail 420 units @ $85 per unit 120 units @$60 per unit 200 units @$62 per unit 820 units 160 units @ $95 per unit 580 units For specific Identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific Identification. (Round ur "average cost per unit" to 2 decimal places.)
H5.C5 Warnerwoods Company uses a perlodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 100 units @$50 per unit 400 units @$55 per unit Units Sold at Retail 420 units @ $85 per unit 120 units @$60 per unit 200 units @$62 per unit 820 units 160 units @ $95 per unit 580 units For specific Identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific Identification. (Round ur "average cost per unit" to 2 decimal places.)
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 24CE: Inventory Costing: Average Cost Refer to the information for Filimonov Inc. and assume that the...
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H5.C5
Warnerwoods Company uses a perlodic inventory system. It entered into the following purchases and sales transactions
for March.
Date
March 1
March 5
March 9
March 18
March 25
March 29
Activities
Beginning inventory
Purchase
Sales
Purchase
Purchase
Sales
Totals
Units Acquired at Cost
100 units
@$50 per unit
400 units
@$55 per unit
Units Sold at Retail
420 units @ $85 per unit
120 units
@$60 per unit
200 units
@$62 per unit
820 units
160 units @ $95 per unit
580 units
For specific Identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40
units from the March 18 purchase, and 120 units from the March 25 purchase.
Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific Identification. (Round
ur "average cost per unit" to 2 decimal places.)
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