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 transactionsfor March.DateMarch 1March 5ActivitiesBeginning inventoryPurchaseMarch 9SalesMarch 18March 25March 29PurchasePurchaseSalesTotalsUnits Acquired at Cost130 units @ $51.60 per unit240 units @ $56.60 per unit100 units @ $61.60 per unit180 units @ $63.60 per unit650 unitsUnits Sold at Retail290 units @ $86.60 per unit160 units @ $96.60 per unit450 units3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. Forspecific identification, units sold include 80 units from beginning inventory, 210 units from the March 5 purchase, 60 units from theMarch 18 purchase, and 100 units from the March 25 purchase.Complete this question by entering your answers in the tabs below.Perpetual FIFO Perpetual LIFOWeightedAverageSpecific IdCompute the cost assigned to ending inventory using FIFO.

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Description: 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 transactionsfor March.DateMarch 1March 5ActivitiesBegin

Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Activities Beginning inventory Purchase Units Acquired at Cost 130 units @ $51.60 per unit 240 units @$56.60 per unit Units Sold at Retail March 9 Sales 290 units @ $86.60 per unit March 18 Purchase March 25 Purchase March 29 Sales Totals 100 units @ $61.60 per unit 180 units @$63.60 per unit 650 units 160 units @ $96.60 per unit 450 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 80 units from beginning inventory, 210 units from the March 5 purchase, 60 units from the March 18 purchase, and 100 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 Activities Beginning inventory Purchase Units Acquired at Cost 130 units @ $51.60 per unit 240 units @$56.60 per unit Units Sold at Retail March 9 Sales 290 units @ $86.60 per unit March 18 Purchase March 25 Purchase March 29 Sales Totals 100 units @ $61.60 per unit 180 units @$63.60 per unit 650 units 160 units @ $96.60 per unit 450 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 80 units from beginning inventory, 210 units from the March 5 purchase, 60 units from the March 18 purchase, and 100 units from the March 25 purchase.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.24MCE

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