Question: Compute the cost assigned to ending inventory using FIFO, LIFO, weighted average and specific ID 3 Part 3 of 4 1666 points Required information [The

Compute the cost assigned to ending inventory using FIFO, LIFO, weighted average and specific ID
3 Part 3 of 4 1666 points Required information [The following information
applies to the questions displayed below) Warnerwoods Company uses a perpetual inventory

3 Part 3 of 4 1666 points 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 March 1 March 5 March 5 Sales Activities Units Acquired at Cost $53.60 per unit Units Sold at Retail Beginning inventory Purchase 230 units 290 unite $58.60 per unit 390 unite #508.60 per unit 150 unite 280 units 950 unite #$63.60 per unit $65.60 per unit 260 units #590.60 per unit 650 unit Purchase Purchase March 18 Book March 25 March 29 Sales Totals Print References 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 130 units from beginning inventory, 260 units from the March 5 purchase, 110 units from the March 18 purchase, and 150 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Check my wo Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 130 units from beginning inventory, 260 units from the March 5 purchase, 110 units from the March 18 purchase, and 150 units from the March 25 purchase. Date Specific Identification Goods Available for Sale Cost per Cost of Goods Sold Ending Inventory Cost of Goods of units Cost per Cost of of units Cost per Ending

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!