!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 salestransactions for March.DateMarch 1March 5March 9March 18March 25March 29ActivitiesBeginning inventoryPurchaseSalesPurchasePurchaseSalesTotalsUnits Acquired at Cost110 units @ $51.20 per unit230 units @ $56.20 per unit90 units160 unitsUnits Sold at Retail270 units @ $86.20 per unit$61.20 per unit@ $63.20 per unit140 units @ $96.20 per unit590 units410 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 70 units from beginning inventory, 200 units from the March 5 purchase, 50 units from theMarch 18 purchase, and 90 units from the March 25 purchase.

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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 salestransactions for March.DateMarch 1March 5March 9March 1

Under FIFO method, units purchased first is considered as sold first and latest purchased inventory…

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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities March 1 March 5 Beginning inventory Purchase 230 units March 9 Sales March 18 March 25 March 29 Purchase Purchase 90 units 160 units Units Acquired at Cost 110 units @ $51.20 per unit $56.20 per unit $61.20 per unit @ $63.20 per unit Units Sold at Retail 270 units @ $86.20 per unit Sales Totals 590 units 140 units $96.20 per unit 410 units Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For ecific identification, units sold include 70 units from beginning inventory, 200 units from the March 5 purchase, 50 units from the

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities March 1 March 5 Beginning inventory Purchase 230 units March 9 Sales March 18 March 25 March 29 Purchase Purchase 90 units 160 units Units Acquired at Cost 110 units @ $51.20 per unit $56.20 per unit $61.20 per unit @ $63.20 per unit Units Sold at Retail 270 units @ $86.20 per unit Sales Totals 590 units 140 units $96.20 per unit 410 units Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For ecific identification, units sold include 70 units from beginning inventory, 200 units from the March 5 purchase, 50 units from the

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 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500
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