Warnerwoods Company uses a perpetual 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 240 units @ $53.80 per unit 295 units e $58.80 per unit 155 units e $63.80 per unit 290 units e $65.80 per unit 980 units Units Sold at Retail 400 units @ $88.80 per unit 270 units @ $98.80 per unit 670 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 135 units from beginning inventory, 265 units from the March 5 purchase, 115 units from the March 18 purchase, and 155 units from the March 25 purchase.
Warnerwoods Company uses a perpetual 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 240 units @ $53.80 per unit 295 units e $58.80 per unit 155 units e $63.80 per unit 290 units e $65.80 per unit 980 units Units Sold at Retail 400 units @ $88.80 per unit 270 units @ $98.80 per unit 670 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 135 units from beginning inventory, 265 units from the March 5 purchase, 115 units from the March 18 purchase, and 155 units from the March 25 purchase.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PA: The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month...
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