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 | @ $98.40 per unit | |||||||
Totals | 920 | units | 630 | 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 125 units from beginning inventory and 255 units from the March 5 purchase; the March 29 sale consisted of 105 units from the March 18 purchase and 145 units from the March 25 purchase.
Compute the cost assigned to ending inventory using LIFO.
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*Calculations for Ending inventory units : | |||
Ending inventory units = Total units available - Total units sold | |||
Purchase date | Available units (a) | Units sold (b) | Ending inventory units (a-b) |
1-Mar | 220 | 125 | 95 |
5-Mar | 285 | 255 | 30 |
18-Mar | 145 | 105 | 40 |
25-Mar | 270 | 145 | 125 |
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. 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. 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. 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 @...
[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 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 @...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Acquired at Cost 60 units$50.20 per unit 205 units$55.20 per unit Activities Units Sold at Retail Date 1 Beginning inventory 5 Purchase 9 Sales Mar. Mar. 220 units@$85.20 per unit Mar. 65 units$60.20 per unit 110 units $62.20 per unit Mar. 18 Purchase Mar. 25 Purchase 90 units $95.20 per unit Mar. 29 Sales 440 units 310 units Totals 3. Compute...
Activities Date Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Units Acquired at Cost 22e units $53.40 per unit 285 units $58.40 per unift Units Sold at Retail 38e units $88.40 per unit 145 units $63.40 per unit 270 units $65.40 per unit 25e units $98.4e per unit Totals 92e units 630 units . Compute the cost assigned to ending Inventory using (a) FIFO, (b) LIFO, (c) welghted average,...
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 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...
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 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 @...