Requi [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. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Perpetual FIFO Perpetual LIFO Date March 1 March 5 March 18 March 25 Total Complete this question by entering your answers in the tabs below. Weighted Average 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 105 units from beginning inventory. 235 units from the March 5 purchase, 85 units from the March 18 purchase, and 125 units from the March 25 purchase. Goods Available for Sale # of units Specific Id 0 Cost per unit Units Acquired at Cost @ $52.60 per unit @ $57.60 per unit 180 units 265 units Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 105 units from beginning inv units from the March 5 purchase, 85 units from the March 18 purchase, and 125 units from the March 25 purchase. Specific Identification 125 units 230 units S 800 units $ Cost of Goods Available for Sale @ $62.60 per unit @ $64.60 per unit 0 0 0 0 0 Cost of Goods Sold Cost per unit #of units sold 0 $ < Weighted Average Cost of Goods Sold 0.00 $ 0.00 0.00 S Units Sold at Retail 10 10 10 340 units@ $87.60 per unit 0 210 units @ $97.60 per unit 550 units Ending Inventory Cost per unit #of units in ending inventory Speata la 3 0 $ 0.00 0.00 0.00 0.00 Ending Inventory S $ D 0 0 10 0
Requi [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. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Perpetual FIFO Perpetual LIFO Date March 1 March 5 March 18 March 25 Total Complete this question by entering your answers in the tabs below. Weighted Average 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 105 units from beginning inventory. 235 units from the March 5 purchase, 85 units from the March 18 purchase, and 125 units from the March 25 purchase. Goods Available for Sale # of units Specific Id 0 Cost per unit Units Acquired at Cost @ $52.60 per unit @ $57.60 per unit 180 units 265 units Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 105 units from beginning inv units from the March 5 purchase, 85 units from the March 18 purchase, and 125 units from the March 25 purchase. Specific Identification 125 units 230 units S 800 units $ Cost of Goods Available for Sale @ $62.60 per unit @ $64.60 per unit 0 0 0 0 0 Cost of Goods Sold Cost per unit #of units sold 0 $ < Weighted Average Cost of Goods Sold 0.00 $ 0.00 0.00 S Units Sold at Retail 10 10 10 340 units@ $87.60 per unit 0 210 units @ $97.60 per unit 550 units Ending Inventory Cost per unit #of units in ending inventory Speata la 3 0 $ 0.00 0.00 0.00 0.00 Ending Inventory S $ D 0 0 10 0
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 44E: Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual...
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Question
![Requi
[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.
Date
March 1
March 5
March 9
March 18
March 25
March 29
Activities
Beginning inventory
Purchase
Sales
Purchase
Purchase
Sales
Totals
Perpetual FIFO Perpetual LIFO
Date
March 1
March 5
March 18
March 25
Total
Complete this question by entering your answers in the tabs below.
Weighted
Average
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 105 units from beginning inventory. 235 units from the March 5 purchase, 85 units from the
March 18 purchase, and 125 units from the March 25 purchase.
Goods Available for Sale
# of units
Specific Id
0
Cost per
unit
Units Acquired at Cost
@ $52.60 per unit
@ $57.60 per unit
180 units
265 units
Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 105 units from beginning inv
units from the March 5 purchase, 85 units from the March 18 purchase, and 125 units from the March 25 purchase.
Specific Identification
125 units
230 units
S
800 units
$
Cost of Goods
Available for
Sale
@ $62.60 per unit
@ $64.60 per unit
0
0
0
0
0
Cost of Goods Sold
Cost per
unit
#of units
sold
0
$
< Weighted Average
Cost of
Goods Sold
0.00 $
0.00
0.00
S
Units Sold at Retail
10
10
10
340 units@ $87.60 per unit
0
210 units @ $97.60 per unit
550 units
Ending Inventory
Cost per
unit
#of units
in ending
inventory
Speata la 3
0
$
0.00
0.00
0.00
0.00
Ending
Inventory
S
$
D
0
0
10
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9e6aafbb-ce65-468b-8c9a-cfce5da49e13%2F0097a2b9-dd78-4383-95e6-f965ecf3960d%2Fc1abso_processed.png&w=3840&q=75)
Transcribed Image Text:Requi
[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.
Date
March 1
March 5
March 9
March 18
March 25
March 29
Activities
Beginning inventory
Purchase
Sales
Purchase
Purchase
Sales
Totals
Perpetual FIFO Perpetual LIFO
Date
March 1
March 5
March 18
March 25
Total
Complete this question by entering your answers in the tabs below.
Weighted
Average
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 105 units from beginning inventory. 235 units from the March 5 purchase, 85 units from the
March 18 purchase, and 125 units from the March 25 purchase.
Goods Available for Sale
# of units
Specific Id
0
Cost per
unit
Units Acquired at Cost
@ $52.60 per unit
@ $57.60 per unit
180 units
265 units
Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 105 units from beginning inv
units from the March 5 purchase, 85 units from the March 18 purchase, and 125 units from the March 25 purchase.
Specific Identification
125 units
230 units
S
800 units
$
Cost of Goods
Available for
Sale
@ $62.60 per unit
@ $64.60 per unit
0
0
0
0
0
Cost of Goods Sold
Cost per
unit
#of units
sold
0
$
< Weighted Average
Cost of
Goods Sold
0.00 $
0.00
0.00
S
Units Sold at Retail
10
10
10
340 units@ $87.60 per unit
0
210 units @ $97.60 per unit
550 units
Ending Inventory
Cost per
unit
#of units
in ending
inventory
Speata la 3
0
$
0.00
0.00
0.00
0.00
Ending
Inventory
S
$
D
0
0
10
0
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