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Required information [The following information applies to the questions displayed below.) Warnerwoods Company uses a perpetu
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Answer #1

Warnerwoods Company

FIFO LIFO Weighted average Specific identification
Ending inventory (240 units)

(220 units × $ 64.4)+(20 units × $ 62.4)

= $ 15,416

(100 units × $ 52.4)+(120 units × $ 62.4)+(20 units × $ 64.4)

= $ 14,016

240 units × $ 61.81

= $ 14,834.4

(70 units × $ 52.4)+(30 units × $ 57.4)+(40 units × $ 62.4)+(100 units × $ 64.4)

= $ 14,326

Ending inventory = Units available for sale - Units sold

= 770 units - 530 units = 240 units

Average cost :

Date Calculations $
9 (170 units × $ 52.4)+(260 units × $ 57.4)/(170+260) 55.42
29 ((430-330) units × $ 55.42)+(120 units × $ 62.4)+(220 units × $ 64.4)/(100+120+220) 61.81
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