Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactionsfor MarchDateMar. 1 Beginning inventoryMar. 5 PurchaseActivitiesMar. 9 SalesHar18 PurchaseMar. 25 PurchaseMar. 29 SalesTotalsUnits Acquired at Cost100 units@ $53.00 per unit400 units@ $58.00 per unit120 units@ $63.00 per unit200 units@ $65.00 per unit820 unitsUnits Sold at Retail420 units@ $88.00 per unit160 units@ $98.00 per unit580 units3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO. (c) weighted average, and (d) specific identification. Forspecific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase, theMarch 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase

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Description: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactionsfor MarchDateMar. 1 Beginning inventoryMar. 5 PurchaseActivitiesMar. 9 SalesHar18 PurchaseMar. 25 PurchaseMar. 29 SalesTotalsUnits A

The inventory can be valued using various methods as FIFO, LIFO and weighted average method. The…

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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Har 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at Cost 100 units@ $53.00 per unit 400 units@ $58.00 per unit 120 units@ $63.00 per unit 200 units@ $65.00 per unit 820 units Units Sold at Retail 420 units@ $85.00 per unit 160 units@ $98.00 per unit 580 units 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 80 units from beginning inventory and 340 units from the March 5 purchase: the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Har 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at Cost 100 units@ $53.00 per unit 400 units@ $58.00 per unit 120 units@ $63.00 per unit 200 units@ $65.00 per unit 820 units Units Sold at Retail 420 units@ $85.00 per unit 160 units@ $98.00 per unit 580 units 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 80 units from beginning inventory and 340 units from the March 5 purchase: the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase

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 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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