Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Units Acquired at Cost Units Sold at Retail March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory 70 units $50.40 per unit Purchase 210 units $55.40 per unit Sales 230 units $85.40 per unit Purchase Purchase Sales 70 units 120 units $60.40 per unit $62.40 per unit Totals 470 units 100 units $95.40 per unit 330 units . Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For pecific identification, units sold include 50 units from beginning inventory, 180 units from the March 5 purchase, 30 units from the March 18 purchase, and 70 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 Units Acquired at Cost Units Sold at Retail March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory 70 units $50.40 per unit Purchase 210 units $55.40 per unit Sales 230 units $85.40 per unit Purchase Purchase Sales 70 units 120 units $60.40 per unit $62.40 per unit Totals 470 units 100 units $95.40 per unit 330 units . Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For pecific identification, units sold include 50 units from beginning inventory, 180 units from the March 5 purchase, 30 units from the March 18 purchase, and 70 units from the March 25 purchase.

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Description: 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 transactionsfor March.DateUnits Sold at RetailMarch 1Ma

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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