Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Problem 6-1A Part 3 Date Complete this question by entering your answers in the tabs below. March 1 March 5 Average March 9 March 18 3. 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 65 units from beginning Inventory and 195 units from the March 5 purchase; the March 29 sale consisted of 45 units from the March 18 purchase and 85 units from the March 25 purchase. Average March 25 Units Acquired at Cost 100 units @ $51.00 per unit 225 units@ $56.00 per unit March 29 Totals 85 units @ $61.00 per unit 150 units @ $63.00 per unit Perpetual FIFO Perpetual LIFO Weighted Average 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 560 units # of units Specific Id Cost per # of units unit sold Cost of Goods Sold 260 units @ $86.00 per unit S Units Sold at Retail 130 units @ $96.00 per unit 398 units Cost per Cost of Goods Sold unit < Perpetual LIFO 0.00 # of units Inventory Balance Cost per unit Inventory Balance $ 51.00 = S 5,100.00 100 @ Specific Id >
Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Problem 6-1A Part 3 Date Complete this question by entering your answers in the tabs below. March 1 March 5 Average March 9 March 18 3. 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 65 units from beginning Inventory and 195 units from the March 5 purchase; the March 29 sale consisted of 45 units from the March 18 purchase and 85 units from the March 25 purchase. Average March 25 Units Acquired at Cost 100 units @ $51.00 per unit 225 units@ $56.00 per unit March 29 Totals 85 units @ $61.00 per unit 150 units @ $63.00 per unit Perpetual FIFO Perpetual LIFO Weighted Average 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 560 units # of units Specific Id Cost per # of units unit sold Cost of Goods Sold 260 units @ $86.00 per unit S Units Sold at Retail 130 units @ $96.00 per unit 398 units Cost per Cost of Goods Sold unit < Perpetual LIFO 0.00 # of units Inventory Balance Cost per unit Inventory Balance $ 51.00 = S 5,100.00 100 @ Specific Id >
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 63E: ( Appendix 6B) Inventory Costing Methods: Periodic Inventory System The inventory accounting records...
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Problem 6-1A Perpetual: Alternative cost flows LO P1
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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.
Weighted Average Sheet and Specific ID Sheets
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