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 Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 110 units @ $51.20 per unit Mar. 5 Purchase 230 units @ $56.20 per unit Mar. 9 Sales 270 units @ $86.20 per unit Mar. 18 Purchase 90 units @ $61.20 per unit Mar. 25 Purchase 160 units @ $63.20 per unit Mar. 29 Sales 140 units @ $96.20 per unit Totals 590 units 410 units 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 70 units from beginning inventory and 200 units from the March 5 purchase; the March 29 sale consisted of 50 units from the March 18 purchase and 90 units from the March 25 purchase. I have the answers but I want to make sure it is correct please.
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 Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 110 units @ $51.20 per unit Mar. 5 Purchase 230 units @ $56.20 per unit Mar. 9 Sales 270 units @ $86.20 per unit Mar. 18 Purchase 90 units @ $61.20 per unit Mar. 25 Purchase 160 units @ $63.20 per unit Mar. 29 Sales 140 units @ $96.20 per unit Totals 590 units 410 units 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 70 units from beginning inventory and 200 units from the March 5 purchase; the March 29 sale consisted of 50 units from the March 18 purchase and 90 units from the March 25 purchase. I have the answers but I want to make sure it is correct please.
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section20.2: Determining The Cost Of Merchandise Inventory
Problem 1OYO
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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 | Activities | Units Acquired at Cost | Units Sold at Retail | |||||||||
Mar. | 1 | Beginning inventory | 110 | units | @ $51.20 per unit | |||||||
Mar. | 5 | Purchase | 230 | units | @ $56.20 per unit | |||||||
Mar. | 9 | Sales | 270 | units | @ $86.20 per unit | |||||||
Mar. | 18 | Purchase | 90 | units | @ $61.20 per unit | |||||||
Mar. | 25 | Purchase | 160 | units | @ $63.20 per unit | |||||||
Mar. | 29 | Sales | 140 | units | @ $96.20 per unit | |||||||
Totals | 590 | units | 410 | units | ||||||||
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 70 units from beginning inventory and 200 units from the March 5 purchase; the March 29 sale consisted of 50 units from the March 18 purchase and 90 units from the March 25 purchase.
I have the answers but I want to make sure it is correct please.
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