Homework Help is Here – Start Your Trial Now!
Business
Accounting
Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Problem 6-1A Part 3 Date Complete this question by entering your answers in the tabs below. March 1 March 5 Average March 9 March 18 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 65 units from beginning Inventory and 195 units from the March 5 purchase; the March 29 sale consisted of 45 units from the March 18 purchase and 85 units from the March 25 purchase. Average March 25 Units Acquired at Cost 100 units @ $51.00 per unit 225 units@ $56.00 per unit March 29 Totals 85 units @ $61.00 per unit 150 units @ $63.00 per unit Perpetual FIFO Perpetual LIFO Weighted Average Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased 560 units # of units Specific Id Cost per # of units unit sold Cost of Goods Sold 260 units @ $86.00 per unit S Units Sold at Retail 130 units @ $96.00 per unit 398 units Cost per Cost of Goods Sold unit < Perpetual LIFO 0.00 # of units Inventory Balance Cost per unit Inventory Balance $ 51.00 = S 5,100.00 100 @ Specific Id >

Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Problem 6-1A Part 3 Date Complete this question by entering your answers in the tabs below. March 1 March 5 Average March 9 March 18 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 65 units from beginning Inventory and 195 units from the March 5 purchase; the March 29 sale consisted of 45 units from the March 18 purchase and 85 units from the March 25 purchase. Average March 25 Units Acquired at Cost 100 units @ $51.00 per unit 225 units@ $56.00 per unit March 29 Totals 85 units @ $61.00 per unit 150 units @ $63.00 per unit Perpetual FIFO Perpetual LIFO Weighted Average Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased 560 units # of units Specific Id Cost per # of units unit sold Cost of Goods Sold 260 units @ $86.00 per unit S Units Sold at Retail 130 units @ $96.00 per unit 398 units Cost per Cost of Goods Sold unit < Perpetual LIFO 0.00 # of units Inventory Balance Cost per unit Inventory Balance $ 51.00 = S 5,100.00 100 @ Specific Id >

Financial & Managerial Accounting
Financial & Managerial Accounting
13th Edition
ISBN:9781285866307
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Inventories
Section: Chapter Questions
Problem 6.3APR
See similar textbooks
icon
Related questions
Topic Video
Question

Required information

Problem 6-1A Perpetual: Alternative cost flows LO P1

Skip to question

 

[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.

 

Weighted Average Sheet  and  Specific ID Sheets

Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Problem 6-1A Part 3 Perpetual FIFO Perpetual LIFO Complete this question by entering your answers in the tabs below. Date March 1 March 5 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 65 units from beginning Inventory and 195 units from the March 5 purchase; the March 29 sale consisted of 45 units from the March 18 purchase and 85 units from the March 25 purchase. Average March 9 March 18 Weighted Average Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Average March 25 Units Acquired at Cost 100 units @ $51.00 per unit 225 units@ $56.00 per unit March 29 Totals 85 units@ $61.00 per unit 150 units@ $63.00 per unit Goods Purchased 560 units # of units Specific Id Cost per # of units unit sold Cost of Goods Sold Cost per unit 260 units @ $86.00 per unit $ Units Sold at Retail 130 units@ $96.00 per unit 390 units Cost of Goods Sold < Perpetual LIFO 0.00 # of units Inventory Balance Cost per Inventory Balance unit $ 51.00 = $ 5,100.00 100 @ Specific Id >
Transcribed Image Text:Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Problem 6-1A Part 3 Perpetual FIFO Perpetual LIFO Complete this question by entering your answers in the tabs below. Date March 1 March 5 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 65 units from beginning Inventory and 195 units from the March 5 purchase; the March 29 sale consisted of 45 units from the March 18 purchase and 85 units from the March 25 purchase. Average March 9 March 18 Weighted Average Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Average March 25 Units Acquired at Cost 100 units @ $51.00 per unit 225 units@ $56.00 per unit March 29 Totals 85 units@ $61.00 per unit 150 units@ $63.00 per unit Goods Purchased 560 units # of units Specific Id Cost per # of units unit sold Cost of Goods Sold Cost per unit 260 units @ $86.00 per unit $ Units Sold at Retail 130 units@ $96.00 per unit 390 units Cost of Goods Sold < Perpetual LIFO 0.00 # of units Inventory Balance Cost per Inventory Balance unit $ 51.00 = $ 5,100.00 100 @ Specific Id >
Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 65 units from beginnin and 195 units from the March 5 purchase; the March 29 sale consisted of 45 units from the March 18 purchase and 85 units from the March 25 purchase. Specific Identification: Date March 1 March 5 March 9 March 18 March 25 March 29 Totals Goods Purchased # of units Specific Id Cost per unit # of units sold Cost of Goods Sold Cost per unit Cost of Goods Sold $ < Weighted Average 0.00 # of units Inventory Balance Cost per Inventory Balance unit $ 51.00 = $ 5.100.00 100 @ Specific Id
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 65 units from beginnin and 195 units from the March 5 purchase; the March 29 sale consisted of 45 units from the March 18 purchase and 85 units from the March 25 purchase. Specific Identification: Date March 1 March 5 March 9 March 18 March 25 March 29 Totals Goods Purchased # of units Specific Id Cost per unit # of units sold Cost of Goods Sold Cost per unit Cost of Goods Sold $ < Weighted Average 0.00 # of units Inventory Balance Cost per Inventory Balance unit $ 51.00 = $ 5.100.00 100 @ Specific Id
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Financial & Managerial Accounting
Financial & Managerial Accounting
Accounting
ISBN:
9781285866307
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Accounting (Text Only)
Accounting (Text Only)
Accounting
ISBN:
9781285743615
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Corporate Financial Accounting
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS