Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for
Question:
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
March 1 Beginning Inventory 100 units @ $51.00 per unit
March 5 Purchase 225 units @ $56.00 per unit
March 9 Sales 260 units @ $86.00 per unit
March 18 Purchase 85 units @ $61.00 per unit
March 25 Purchase 150 units @ $63.00 per unit
March 29 Sales 130 units @ $96.00 per unit
Totals 560 units 390 units
Compute the number of units in ending inventory
Ending inventory ____________ units.
With the information above. 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 65 units from beginning inventory, 195 units from the March 5 purchase, 45 units from the March 18 purchase, and 85 units from the March 25 purchase.