Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 100 units @ $56.00 per unit 400 units @ $61.00 per unit Date Activities Mar. 1 Beginning inventory 5 Purchase 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 420 units @ $91.00 per unit Mar. 120 units @ $66.00 per unit 200 units @ $68.00 per unit 160 units e $101.00 per unit Mar. 29 Sales 820 units 580 units Totals 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 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 100 units @ $56.00 per unit 400 units @ $61.00 per unit Date Activities Mar. 1 Beginning inventory 5 Purchase 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 420 units @ $91.00 per unit Mar. 120 units @ $66.00 per unit 200 units @ $68.00 per unit 160 units e $101.00 per unit Mar. 29 Sales 820 units 580 units Totals 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 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 3AP
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