work Activities Beginning Mar. inventory Mar. 5 Purchase Mar. 9 Sales Mar.18 Pur

Question

work Activities Beginning Mar. inventory Mar. 5 Purchase Mar. 9 Sales Mar.18 Purchase Mar. 25 Purchase Mar. 29 Sales 0 $53.60 per unit 290 units $58.60 per unit 390 units 8 $88.60 per unit 150 units e $63.60 per 280 units unit g $65.60 per 260 units $98.60 per 650 units unit Totals 950 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b/LIFO, (c)weighted average, and (dspecific identificationF specific identification, the March 9 sale consisted of 130 units from beginning inventory and 260 units from the March 5 purchas March 29 sale consisted of 110 units from the March 18 purchase and 150 units from the March 25 purchase Complete this questions by entering your answers in the below tabs. Next>

Explanation / Answer

Cost assigned to ending inventory using FIFO, LIFO< weighted average and specific identification is as shown below:

FIFO Date Explanation Units Unit Cost Cost Mar-01 Opening Inventory 230 53.60 12,328 Mar-05 Purchased Inventory 290 58.60 16,994 Mar-18 Purchased Inventory 150 63.60 9,540 Mar-25 Purchased Inventory 280 65.60 18,368 Cost of goods available for sale (a) 950 57,230 Ending Inventory a-b Goods pur on Mar 25 280 65.60 18368 Goods pur on Mar 18 20 63.6 1272 300 19640 LIFO Date Explanation Units Unit Cost Cost Mar-01 Opening Inventory 230 53.60 12,328 Mar-05 Purchased Inventory 290 58.60 16,994 Mar-18 Purchased Inventory 150 63.60 9,540 Mar-25 Purchased Inventory 280 65.60 18,368 Cost of goods available for sale (a) 950 57,230 Ending Inventory a-b Goods open balance 130 53.60 6968 Goods pur on Mar 18 150 63.6 9540 Goods pur on Mar 25 20 65.6 1312 300 17820 Weighted Date Explanation Units Unit Cost Cost Mar-01 Opening Inventory 230 53.60 12,328 Mar-05 Purchased Inventory 290 58.60 16,994 Mar-18 Purchased Inventory 150 63.60 9,540 Mar-25 Purchased Inventory 280 65.60 18,368 Cost of goods available for sale (a) 950 60.24 57,230 Ending Inventory a-b 300 60 18,073 Specific Identification Date Explanation Units Unit Cost Cost Mar-01 Opening Inventory 230 53.60 12,328 Mar-05 Purchased Inventory 290 58.60 16,994 Mar-18 Purchased Inventory 150 63.60 9,540 Mar-25 Purchased Inventory 280 65.60 18,368 Cost of goods available for sale (a) 950 60.24 57,230 Ending Inventory Goods open balance 100 53.60 5360 Goods pur on Mar 5 30 58.60 Goods pur on Mar 18 40 63.6 2544 Goods pur on Mar 25 130 65.6 8528 300 16432

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