Woodworks Company deals in furniture and uses periodic inventory system.The following transaction occurred during the month of March, 2020.Date Description No. of Chairs Unit Cost TotalDATEDESCRIPTIONNO. OF CHAIRSUNIT COSTTOTALMarch 1Opening Inventory100P 40P 4,000March 15New Purchases50422,100March 20New Purchases75453,375 TOTAL225 P 9,475 The Company sold 200 chairs in March, 2020.Required: Compute ending inventory and cost of goods sold under each ofthe following methods.a. FIFO c. Moving average costb. LIFO d. Weighted average cost

FIFO means first in first out where as LIFO means last in first out. Moving average means simple…

Answered: Woodworks Company deals in furniture…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.10AMCP

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Woodworks Company deals in furniture and uses periodic inventory system.
The following transaction occurred during the month of March, 2020.
Date Description No. of Chairs Unit Cost Total

DATE	DESCRIPTION	NO. OF CHAIRS	UNIT COST	TOTAL
March 1	Opening Inventory	100	P 40	P 4,000
March 15	New Purchases	50	42	2,100
March 20	New Purchases	75	45	3,375
	TOTAL	225		P 9,475

The Company sold 200 chairs in March, 2020.
Required: Compute ending inventory and cost of goods sold under each of
the following methods.

a. FIFO c. Moving average cost
b. LIFO d. Weighted average cost

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