Question

Saved Help Save & Exi Required information [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 Date Activities Units Acquired at Cost Units sold at Retail Mar. 1 Beginning inventory 80 units@ $50.60 per unit 5 Purchase 215 units 355.60 per unit 9 Sales 240 units $85.60 per unit Mar. 18 Purchase 75 units @ $60.60 per unit Mar. 25 Purchase 130 units @ $62.60 per unit Mar. 29 Sales 11e units 595.60 per unit Totals 500 units 350 units Mar. Mar. 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 55 units from beginning inventory and 185 units from the March 5 purchase: the March 29 sale consisted of 35 units from the March 18 purchase and 75 units from the March 25 purchase hunntorinn nur answers in the tabs below.

Answer 1

Requirement A | Ending Inventory, COGS - FIFO Under FIFO Method, the goods which are brought first are sold first. Goods Purchased Cost of goods sold Date Units Price Total Units Price Total Mar. 1 Inventory Balance Units Price Total 80 $ 50.60 $ 4,048 Mar. 5 215 $ 55.60 $ 11,954 80 $ 50.60 $ 215 $ 55.60 $ 4,048 11,954 Mar. 9 80 $ 50.60 $ 4,048 160 $ 55.60 $ 8,896 $ 50.60 $ $ 55.60 $ 55 3,058 Mar. 18 75 $ 60.60 $ 4,545 55 $ 55.60 $ 75 $ 60.60 $ 3,058 4,545 Mar. 25 130 $ 62.60 $ 8,138 55 $ 55.60 $ 75 $ 60.60 $ 130 $ 62.60 $ 3,058 4,545 8,138 Mar. 29 55 $ 55.60 $ 3,058 55 $ 60.60 $ 3,333 $ $ 20 $ 60.60 $ 130 $ 62.60 $ 1,212 8,138 Total 420 24,637 350 19,335 150 9,350

Requirement B | Ending Inventory, COGS - LIFO Under LIFO Method, the goods which are brought last are sold first. Goods Purchased Cost of goods sold Date Units Price Total Units Price Total Mar. 1 Ending Inventory Units Price Total 80 $ 50.60 $ 4,048 Mar. 5 215 $ 56 $ 11,954 80 $ 50.60 $ 215 $ 55.60 $ 4,048 11,954 Mar. 9 25 $ 50.60 $ 1,265 215 $ 55.60 $ 11,954 2,783 55 $ 50.60 $ $ 55.60 $ Mar. 18 75 $ 60.60 $ 4,545 55 $ 50.60 $ 75 $ 60.60 $ 2,783 4,545 Mar. 25 130 $ 62.60 $ 8,138 55 $ 50.60 $ 75 $ 60.60 $ 130 $ 62.60 $ 2,783 4,545 8,138 Mar. 29 110$ 62.60 $ 6,886 55 $ 50.60 $ 75 $ 60.60 $ 20$ 62.60 $ 2,783 4,545 1,252 Total 420 24,637 350 20,105 150 8,580

Inventory Balance Requirement C | Ending Inventory, COGS - Weighted Average Cost Goods Purchased Cost of goods sold Date Units Price Total Units Price Total Mar. 1 Units Price Total 80 $ 50.60 $ 4,048 Mar. 5 215 $ 55.60 $ 11,954 80 $ 50.60 $ 4,048 215 $ 55.60 $ 11,954 295 $ 54.24 $ 16,002 Mar. 9 240 $ 54.24 $ 13,019 55 $ 54.24 $ 2,983 Mar. 18 75 $ 60.60 $ 4,545 55 $ 54.24 $ 75 $ 60.60 $ 130 $ 57.91 $ 2,983 4,545 7,528 Mar. 25 130 $ 62.60 $ 8,138 130 $ 57.91 $ 130 $ 62.60 $ 260 $ 60.26 $ 7,528 8,138 15,666 Mar. 29 110 $ 60.26 $ 6,628 150 $ 60.26 $ 9,038 Total 420 24,637 350 19,647 150 9,038

Requirement D Specific Identification Method Goods Purchased Date Unit Activity Units Cost Mar. 1 Beginning Inventory 80 $ 50.60 Mar. 5 Purchase 215 $ 55.60 Mar. 18 Purchase 75 $ 60.60 Mar. 25 Purchase 130 $ 62.60 500 Cost of goods sold Units Unit Sold COGS Cost 55 $ 50.60 $ 2,783 185 $ 55.60 $ 10,286 35 $ 60.60 $ 2,121 75 $ 62.60 $ 4,695 350 $ 19,885 Inventory Balance Ending Cost per Ending Units Unit Cost 25 $ 50.60 $ 1,265 30 $ 55.60 $ 1,668 40 $ 60.60 $ 2,424 55 $ 62.60 $ 3,443 150 $ 8,800