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 sales transactions for
March.
| Date | Activities | Units Acquired at Cost | Units Sold at Retail | |||||||||
| Mar. | 1 | Beginning inventory | 100 | units | @ $50.00 per unit | |||||||
| Mar. | 5 | Purchase | 400 | units | @ $55.00 per unit | |||||||
| Mar. | 9 | Sales | 420 | units | @ $85.00 per unit | |||||||
| Mar. | 18 | Purchase | 120 | units | @ $60.00 per unit | |||||||
| Mar. | 25 | Purchase | 200 | units | @ $62.00 per unit | |||||||
| Mar. | 29 | Sales | 160 | units | @ $95.00 per unit | |||||||
| Totals | 820 | units | 580 | 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 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.
. 
Homework Answers
Solution:
| Specific Identification | |||||||||||||
| Goods purchased | Cost of goods sold | Inventory Balance | |||||||||||
| Date | # of units |
Cost per unit |
# of units sold |
Cost per unit |
Cost of goods sold |
# ofunits |
Cost per unit |
Inventory Balance |
|||||
| Mar-01 | 100 | @ | 50 | = | 5000 | ||||||||
| Mar-05 | 400 | @ | 55 | 100 | @ | 50 | = | 5000 | |||||
| 400 | @ | 55 | = | 22000 | |||||||||
| 27000 | |||||||||||||
| Mar-09 | 80 | @ | 50 | = | 4000 | 20 | @ | 50 | = | 1000 | |||
| 340 | @ | 55 | = | 18700 | 60 | @ | 55 | = | 3300 | ||||
| 420 | 22700 | 4300 | |||||||||||
| Mar-18 | 120 | @ | 60 | 20 | @ | 50 | = | 1000 | |||||
| 60 | @ | 55 | = | 3300 | |||||||||
| 120 | @ | 60 | = | 7200 | |||||||||
| 11500 | |||||||||||||
| Mar-25 | 200 | @ | 62 | 20 | @ | 50 | = | 1000 | |||||
| 60 | @ | 55 | = | 3300 | |||||||||
| 120 | @ | 60 | = | 7200 | |||||||||
| 200 | @ | 62 | = | 12400 | |||||||||
| 23900 | |||||||||||||
| Mar-29 | @ | 50 | = | 20 | @ | 50 | = | 1000 | |||||
| @ | 55 | = | 60 | @ | 55 | = | 3300 | ||||||
| 40 | @ | 60 | = | 2400 | 80 | @ | 60 | = | 4800 | ||||
| 120 | @ | 62 | = | 7440 | 80 | @ | 62 | = | 4960 | ||||
| 160 | 9840 | 14060 | |||||||||||
| Totals | 580 | 32540 | 240 |
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The Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March 2019. 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. Date Activities Units Acquired at Cost Units Sold at Retail 100 units a $50.00 per unit 400...
The Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March 2019. 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. Date Activities Units Acqulied at Cost Units Sold at Retail 100 units a $50.00 per unit...
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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 sales transactions for March. Units Sold at Retail Units Acquired at Cost 100 units @ $50.00 per unit 400 units @ $55.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 420 units @ $85.00 per unit 120 units @ $60.00...
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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 sales transactions for March. Units Sold at Retail Units Acquired at Cost 70 units @ $50.40 per unit 210 units @ $55.40 per unit 230 units @ $85.40 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 70 units @...
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