The Warnerwood Company uses a perpetual inventory system. It entered the followi

Question

The Warnerwood Company uses a perpetual inventory system. It entered the following purchases and sales transactions for March into the system: Show all of your work in an Excel spreadsheet for the following tasks: Compute the number of units available for sale. Compute the number of units in ending inventory. Compute the cost assigned to ending inventory using FIFO, LIFO, and weighted average. (Round the average cost per unit to 2 decimal places.) Compute the gross profit earned by the company for each of jhe three costing methods. (Round the average cost per unit to 2 decimal places.)

Explanation / Answer

Answer:1

Answer:2

Answer:3 FIFO:

LIFO:

Weighted average:

Answer:4

Cost of goods available for sale Particulars No. of units Cost per unit Cost of goods available for sale Beginning inventory 100 50 5000 Purchases: 5-Mar 400 55 22000 18-Mar 120 60 7200 25-Mar 200 62 12400 Total 820 46600

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