Question: Just struggling with this accounting problem. Please help! Thanks. Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual
Just struggling with this accounting problem. Please help! Thanks.
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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. Date Units Sold at Retail Activities. Beginning inventory Purchase Units Acquired at Cost @ $50.20 per unit March 1 March 5 60 units 205 units @ $55.20 per unit March 9 Sales 220 units @ $85.20 per unit March 18 Purchase 65 units @ $60.20 per unit 110 units @ $62.20 per unit March 25 Purchase March 29 Sales 90 units @ $95.20 per unit 310 units Totals 440 units 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 45 units from beginning inventory, 175 units from the March 5 purchase, 25 units from the March 18 purchase, and 65 units from the March 25 purchase. Required information Compute the cost assigned to ending inventory using FIFO. Goods Purchased Date # of units Cost per # of units unit sold March 1 March 5 Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals 205 at $55.20 65 at $60.20 110 at $ 62.20 Perpetual FIFO: Cost of Goods Sold Cost per Cost of Goods Sold unit $ Perpetual FIFO 0.00 # of units Inventory Balance Cost per unit 60 at $50.20 = at $50.20 at $ 55.20 at $ 60.20 at $ 60.20 at $ 62.20 Perpetual LIFO > Inventory Balance $ 3,012.00 Compute the cost assigned to ending inventory using LIFO. Goods Purchased Date # of units # of units sold March 1 March 5 Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals Cost per unit Perpetual LIFO: Cost of Goods Sold Cost per Cost of Goods Sold unit $ EA 0.00 # of units Inventory Balance Cost per unit 60 at $ 50.20 = Inventory Balance $ 3,012.00 Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Date Inventory Balance Cost per unit # of units sold # of units Cost per unit Cost of Goods Sold # of units 60 at Inventory Balance 3,012.00 $ Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 45 units from beginning inventory, 175 units from the March 5 purchase, 25 units from the March 18 purchase, and 65 units from the March 25 purchase. Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory Date Cost per unit Cost per unit # of units in ending inventory Cost per unit $ March 1 March 5 March 18 March 25 Total # of units 0 Cost of Goods # of units Available for sold Sale $ 0 0 0 0 $ 0 0 0 Ending Inventory 0.00 $ 0.00 0.00 0.00 $ 0 0 0 0 0
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