Required informatio [The following information applies to the questions displaye

Question

Required informatio [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 Activities Units Sold at Retail Units Acquired at Cost 130 units $51.60 per unit 240 units $56.60 per unit Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 290 units $86.60 per unit 100 units $61.60 per unit 180 units $63.60 per unit 160 units a $96.60 per unit 450 units Totals 650 units

Explanation / Answer

The cost assigned to ending inventory using:

(a) FIFO : starting from last 180*63.60 + 20*61.60 = $12680

(b) LIFO : starting from beginning lot wise (370-290)*51.60 +20*63.60 + 100*61.60 = $11560

(c) weighted average : (total available units $37900 / Number of units 650) * 200 = $58.31*200= $11662

(d) specific identification : 50 * 51.60 + 30*56.60 + 40*61.60 + 80*63.60 = $9508

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.