Wildhorse Company uses the perpetual inventory system and had the following purchases and sales during March. Sales Purchases Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 110 $20 3/3 Purchase 70 $30 3/4 Sales 80 00 $40 3/10 Purchase 210 $35 3/16 Sales 90 00 $50 3/19 Purchase 50 3/25 Sales 50 $40 130 $50 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO. FIFO LIFO Cost of goods sold $ 14,200 $ Ending inventory $ $

Wildhorse Company uses the perpetual inventory system and had the following purchases and sales during March. Sales Purchases Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 110 $20 3/3 Purchase 70 $30 3/4 Sales 80 00 $40 3/10 Purchase 210 $35 3/16 Sales 90 00 $50 3/19 Purchase 50 3/25 Sales 50 $40 130 $50 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO. FIFO LIFO Cost of goods sold $ 14,200 $ Ending inventory $ $

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...

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Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on April 27 and (b) the inventory on April 30.
Beginning inventory, purchases, and sales for Item Widget are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on March 25 and (b) the inventory on March 31.
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