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15 December, 15:01

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 200 units @ $53.00 per unit

Mar. 5 Purchase 275 units @ $58.00 per unit

Mar. 9 Sales 360 units @ $88.00 per unit

Mar. 18 Purchase 135 units @ $63.00 per unit

Mar. 25 Purchase 250 units @ $65.00 per unit

Mar. 29 Sales 230 units @ $98.00 per unit

Totals 860 units 590 units

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 115 units from beginning inventory and 245 units from the March 5 purchase; the March 29 sale consisted of 95 units from the March 18 purchase and135 units from the March 25 purchase.

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Answers (1)
  1. 15 December, 15:50
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    (a) FIFO cost $ 17,510.00 includes 20 units @ $63.00 per unit and 250 units @ $ 65.00 per unit.

    (b) LIFO cost $ 15,900.00 includes 115 units @ $53.00 per unit, 135 units @ $63.00 per unit and 20 units @ $65.00 per unit.

    (c) Weighted average cost $ 16,838.76 includes 270 units @ $62.37 per unit.

    (d) Specific identification cost $ 16,240.00 includes 85 units @ 53.00 per unit, 30 units @ 58.00 per unit, 40 units @ 63.00 per unit and 115 units @65.00 per unit.
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Home » Business » 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 200 units @ $53.00 per unit Mar.
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