Fifo lifo weighted average specific identification

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Reference no: EM13916663

 

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.

 

Date

Activities

Units Acquired at Cost

Units Sold at Retail

 

Mar.

1

 

Beginning inventory

 

170

units

@ $52.40 per unit

 

 

 

 

 

Mar.

5

 

Purchase

 

260

units

@ $57.40 per unit

 

 

 

 

 

Mar.

9

 

Sales

 

 

 

 

 

330

units

@ $87.40 per unit

 

Mar.

18

 

Purchase

 

120

units

@ $62.40 per unit

 

 

 

 

 

Mar.

25

 

Purchase

 

220

units

@ $64.40 per unit

 

 

 

 

 

Mar.

29

 

Sales

 

 

 

 

 

200

units

@ $97.40 per unit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totals

 

770

units

 

 

530

units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.

Compute cost of goods available for sale and the number of units available for sale.

 

 

2.

Compute the number of units in ending inventory.

 

 

 

 

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 100 units from beginning inventory and 230 units from the March 5 purchase; the March 29 sale consisted of 80 units from the March 18 purchase and 120 units from the March 25 purchase.(Round your average cost per unit to 2 decimal places.)

                         

Reference no: EM13916663

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