Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.
3. Compute the cost assigned to ending inventory using (FIFO, (b) LIFO. (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 95 units from beginning inventory and 225 units from the March 5 purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 115 units from the March 25 purchase. Complete this question by entering your answers in the tabs below.
Homework Answers
| FIFO | Cost of goods available for sale | Cost of goods sold | Ending Inventory | ||||||
| Mar-01 | 160 | $ 52.20 | $ 8,352 | ||||||
| Mar-05 | 255 | $ 57.20 | $ 14,586 | 160 | $ 52.20 | $ 8,352 | |||
| 255 | $ 57.20 | $ 14,586 | |||||||
| Mar-09 | 160 | $ 52.20 | $ 8,352 | 95 | $ 57.20 | $ 5,434 | |||
| 160 | $ 57.20 | $ 9,152 | |||||||
| Mar-18 | 115 | $ 62.20 | $ 7,153 | 95 | $ 57.20 | $ 5,434 | |||
| 115 | $ 62.20 | $ 7,153 | |||||||
| Mar-25 | 210 | $ 64.20 | $ 13,482 | 95 | $ 57.20 | $ 5,434 | |||
| 115 | $ 62.20 | $ 7,153 | |||||||
| 210 | $ 64.20 | $ 13,482 | |||||||
| Mar-29 | 95 | $ 57.20 | $ 5,434 | 20 | $ 62.20 | $ 1,244 | |||
| 95 | $ 62.20 | $ 5,909 | 210 | $ 64.20 | $ 13,482 | ||||
| Totals | 580 | $ 35,221 | 510 | $ 28,847 | 230 | $ 14,726 | |||
| LIFO | Cost of goods available for sale | Cost of goods sold | Ending Inventory | ||||||
| Mar-01 | 160 | $ 52.20 | $ 8,352 | ||||||
| Mar-05 | 255 | $ 57.20 | $ 14,586 | 160 | $ 52.20 | $ 8,352 | |||
| 255 | $ 57.20 | $ 14,586 | |||||||
| Mar-09 | 255 | $ 57.20 | $ 14,586 | 95 | $ 52.20 | $ 4,959 | |||
| 65 | $ 52.20 | $ 3,393 | |||||||
| Mar-18 | 115 | $ 62.20 | $ 7,153 | 95 | $ 52.20 | $ 4,959 | |||
| 115 | $ 62.20 | $ 7,153 | |||||||
| Mar-25 | 210 | $ 64.20 | $ 13,482 | 95 | $ 52.20 | $ 4,959 | |||
| 115 | $ 62.20 | $ 7,153 | |||||||
| 210 | $ 64.20 | $ 13,482 | |||||||
| Mar-29 | 190 | $ 64.20 | $ 12,198 | 95 | $ 52.20 | $ 4,959 | |||
| 115 | $ 62.20 | $ 7,153 | |||||||
| 20 | $ 64.20 | $ 1,284 | |||||||
| Totals | 580 | $ 35,221 | 510 | $ 30,177 | 230 | $ 13,396 | |||
| Weighted Average - Cost | Cost of goods available for sale | Cost of goods sold | Ending Inventory | ||||||
| Mar-01 | 160 | $ 52.20 | $ 8,352 | ||||||
| Mar-05 | 255 | $ 57.20 | $ 14,586 | 160 | $ 52.20 | $ 8,352 | |||
| 255 | $ 57.20 | $ 14,586 | |||||||
| 415 | $ 55.27 | $ 22,938 | |||||||
| Mar-09 | 320 | $ 55.27 | $ 17,686 | 95 | $ 55.27 | $ 5,251 | |||
| Mar-18 | 115 | $ 62.20 | $ 7,153 | 95 | $ 55.27 | $ 5,251 | |||
| 115 | $ 62.20 | $ 7,153 | |||||||
| 210 | $ 59.07 | $ 12,404 | |||||||
| Mar-25 | 210 | $ 64.20 | $ 13,482 | 210 | $ 59.07 | $ 12,405 | |||
| 210 | $ 64.20 | $ 13,482 | |||||||
| 420 | $ 61.64 | 25,887 | |||||||
| Mar-29 | 190 | $ 61.64 | $ 11,712 | 230 | $ 61.64 | $ 14,177 | |||
| Totals | 580 | $ 35,221 | 510 | $ 29,398 | 230 | $ 61.46 | $ 14,177 | ||
| Specific Identification | Cost of goods available for sale | Cost of goods sold | Ending Inventory | ||||||
| Mar-01 | 160 | $ 52.20 | $ 8,352 | ||||||
| Mar-05 | 255 | $ 57.20 | $ 14,586 | 160 | $ 52.20 | $ 8,352 | |||
| 255 | $ 57.20 | $ 14,586 | |||||||
| Mar-09 | 95 | $ 52.20 | $ 4,959 | 65 | $ 52.20 | $ 3,393 | |||
| 225 | $ 57.20 | $ 12,870 | 30 | $ 57.20 | $ 1,716 | ||||
| Mar-18 | 115 | $ 62.20 | $ 7,153 | 65 | $ 52.20 | $ 3,393 | |||
| 30 | $ 57.20 | $ 1,716 | |||||||
| 115 | $ 62.20 | $ 7,153 | |||||||
| Mar-25 | 210 | $ 64.20 | $ 13,482 | 65 | $ 52.20 | $ 3,393 | |||
| 30 | $ 57.20 | $ 1,716 | |||||||
| 115 | $ 62.20 | $ 7,153 | |||||||
| 210 | $ 64.20 | $ 13,482 | |||||||
| Mar-29 | 75 | $ 62.20 | $ 4,665 | 65 | $ 52.20 | $ 3,393 | |||
| 115 | $ 64.20 | $ 7,383 | 30 | $ 57.20 | $ 1,716 | ||||
| 40 | $ 62.20 | $ 2,488 | |||||||
| 95 | $ 64.20 | $ 6,099 | |||||||
| Totals | 580 | $ 35,221 | 510 | $ 29,877 | 230 | $ 13,696 | |||
Add Answer to:
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. 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 60 units from beginning inventory and 190 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 80 units from the March 25 purchase.
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. 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 90 units from beginning inventory and 220 units from the March 5 purchase; the March 29 sale consisted of 70 units from the March 18 purchase and 110 units from the March 25 purchase.
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions...
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 200 units @ $53.00 per unit 275 units@ $58.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 360 units @ $88.00 per unit 135 units @ $63.00 per unit 250 units @ $65.00 per unit 230 units @...
Warnerwoods Company uses a perpetual Inventory system. It entered into the following purchases and sales transactions...
Warnerwoods Company uses a perpetual Inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Mar Mar 1 Beginning inventory 5 Purchase Units Acquired at Cost 240 units 553.80 per unit 205 units 558e per unit 600 units 588. Be per unit 155 units 290 units Mar. 18 Purchase Mar 25 Purchase Mar. 2 Sales Totals 563.80 per unit 565.8 per unit $98.8e per unit 278 units 670 units 3. Compute the cost...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. (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.) Required 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions...
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 200 units @ $53.00 per unit Mar. 5 Purchase 275 units @ $58.00 per unit Mar. 9 Sales 360 units @ $88.00 per unit Mar. 18 Purchase 135 units @ $63.00 per unit Mar. 25 Purchase 250 units @ $65.00 per unit Mar. 29 Sales 230 units @...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions...
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 @ $50.00 per unit 400 units @ $55.00 per unit 420 units @ $85.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 120 units @ $60.00 per unit 200 units @ $62.00 per unit 160 units...
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Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Date Units Sold at Retail Units Acquired at Cost 135 units @ $70 per unit 435 units @ $75 per unit 455 units @ $105 per unit Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 190 units @ $80 per unit 270 units @ $82 per unit 230 units...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions...
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 250 units @ $54.00 per unit Mar. 5 Purchase 300 units @ $59.00 per unit Mar. 9 Sales 410 units @ $89.00 per unit Mar. 18 Purchase 160 units @ $64.00 per unit Mar. 25 Purchase 300 units @ $66.00 per unit Mar. 29 Sales 280 units @...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions...
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 220 units @ $53.40 per unit Mar. 5 Purchase 285 units @ $58.40 per unit Mar. 9 Sales 380 units @ $88.40 per unit Mar. 18 Purchase 145 units @ $63.40 per unit Mar. 25 Purchase 270 units @ $65.40 per unit Mar. 29 Sales 250 units @...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. 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 90 units from beginning inventory and 220 units from the March 5 purchase; the March 29 sale consisted of 70 units from the March 18 purchase and 110 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 200 units @ $53.00 per unit 275 units@ $58.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 360 units @ $88.00 per unit 135 units @ $63.00 per unit 250 units @ $65.00 per unit 230 units @...
Warnerwoods Company uses a perpetual Inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Mar Mar 1 Beginning inventory 5 Purchase Units Acquired at Cost 240 units 553.80 per unit 205 units 558e per unit 600 units 588. Be per unit 155 units 290 units Mar. 18 Purchase Mar 25 Purchase Mar. 2 Sales Totals 563.80 per unit 565.8 per unit $98.8e per unit 278 units 670 units 3. Compute the cost...
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 @ $50.00 per unit 400 units @ $55.00 per unit 420 units @ $85.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 120 units @ $60.00 per unit 200 units @ $62.00 per unit 160 units...
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Date Units Sold at Retail Units Acquired at Cost 135 units @ $70 per unit 435 units @ $75 per unit 455 units @ $105 per unit Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 190 units @ $80 per unit 270 units @ $82 per unit 230 units...
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