Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weig

Question

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 80 units from beginning inventory and 210 units from the March 5 purchase; the March 29 sale consisted of 60 units from the March 18 purchase and 100 units from the March 25 purchase.

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

STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Mar 130 51.6 6708 5-Mar 240 56.6 13584 130 51.6 6708 240 56.6 13584 9-Mar 130 51.6 6708 160 56.6 9056 80 56.6 4528 18-Mar 100 61.6 6160 80 56.6 4528 100 61.6 6160 25-Mar 180 63.6 11448 80 56.6 4528 100 61.6 6160 180 63.6 11448 29-Mar 80 56.6 4528 20 61.6 1232 80 61.6 4928 180 63.6 11448 TOTAL 520 31192 450 25220 200 12680 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Mar 130 51.6 6708 5-Mar 240 56.6 13584 130 51.6 6708 240 56.6 13584 9-Mar 240 56.6 13584 50 51.6 2580 80 51.6 4128 18-Mar 100 61.6 6160 80 51.6 4128 100 61.6 6160 25-Mar 180 63.6 11448 80 51.6 4128 100 61.6 6160 180 63.6 11448 29-Mar 160 63.6 10176 80 51.6 4128 100 61.6 6160 20 63.6 1272 TOTAL 520 31192 450 26340 200 0 11560 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL WEIGHTED AVERAGE METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Mar 130 51.6 6708 5-Mar 240 56.6 13584 130 51.6 6708 240 56.6 13584 Average 370 54.84 20292 9-Mar 290 54.84 15904 80 54.84 4388 18-Mar 100 61.6 6160 80 54.84 4388 100 61.6 6160 25-Mar 180 63.6 11448 80 54.84 4388 100 61.6 6160 180 63.6 11448 Average 360 61.1 21996 29-Mar 160 61.1 9776 200 61.1 12220 TOTAL 520 31192 450 25680 200 61.1 12220 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL SPECIFIC IDENTIFICATION RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Mar 130 51.6 6708 5-Mar 240 56.6 13584 130 51.6 6708 240 56.6 13584 9-Mar 80 51.6 4128 50 51.6 2580 210 56.6 11886 30 56.6 1698 18-Mar 100 61.6 6160 50 51.6 2580 30 56.6 1698 100 61.6 6160 25-Mar 180 63.6 11448 50 51.6 2580 30 56.6 1698 100 61.6 6160 180 63.6 11448 29-Mar 60 61.6 3696 50 51.6 2580 100 63.6 6360 30 56.6 1698 40 61.6 2464 80 63.6 5088 TOTAL 520 31192 450 26070 200 11830

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

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