Part 2 Part 3 Part 4 1 Required information (The following information applies t
ID: 2601691 • Letter: P
Question
Part 2
Part 3
Part 4
1 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. Activities Units Acquired at Cost Date Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Units sold at Retail $53.40 per unit 220 units 285 units $58.40 per unit 380 units $88.40 per unit 145 units $63.40 per unit 270 units $65.40 per unit 250 units e $98.40 per unit 630 units Totals 920 units 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 125 units from beginning inventory and 255 units from the March 5 purchase; the March 29 sale consisted of 105 units from the March 18 purchase and 145 units from the March 25 purchase. Complete this questions by entering your answers in the below tabs. WeightedSpecific 1d Average Perpetual FIFO Perpetual LIFO
Explanation / Answer
Perpetual FIFO
Date
Activity
Purchases
Cost of Goods Sold
Inventory Balance
Units
Price per Unit
Total Amount
Units
Price per Unit
Total Amount
Units
Price per Unit
Total Amount
Mar-01
Beginning Inventory
220
53.4
11748
Mar-05
Purchase
285
58.4
16644
220
53.4
11748
285
58.4
16644
Mar-09
Sales
220
53.4
11748
160
58.4
9344
125
58.4
7300
Mar-18
Purchase
145
63.4
9193
125
58.4
7300
145
63.4
9193
Mar-25
Purchase
270
65.4
17658
125
58.4
7300
145
63.4
9193
270
65.4
17658
Mar-29
Sales
125
58.4
7300
20
63.4
1268
125
63.4
7925
270
65.4
17658
Cost of ending inventory = (20*$63.40) + (270*$65.40) = $18,926
Perpetual LIFO
Date
Activity
Purchases
Cost of Goods Sold
Inventory Balance
Units
Price per Unit
Total Amount
Units
Price per Unit
Total Amount
Units
Price per Unit
Total Amount
Mar-01
Beginning Inventory
220
53.4
11748
Mar-05
Purchase
285
58.4
16644
220
53.4
11748
285
58.4
16644
Mar-09
Sales
285
58.4
16644
95
53.4
5073
125
53.4
6675
Mar-18
Purchase
145
63.4
9193
125
53.4
6675
145
63.4
9193
Mar-25
Purchase
270
65.4
17658
125
53.4
6675
145
63.4
9193
270
65.4
17658
Mar-29
Sales
250
65.4
16350
125
53.4
6675
145
63.4
9193
20
65.4
1308
Cost of ending inventory = (125*53.40) + (145*63.40) + (20*$65.40) = $17,176
Weighted Average
Date
Activity
Purchases
Cost of Goods Sold
Inventory Balance
Units
Price per Unit
Total Amount
Units
Price per Unit
Total Amount
Units
Price per Unit
Total Amount
Mar-01
Beginning Inventory
220
53.40
11748.00
Mar-05
Purchase
285
58.4
16644
220
53.40
11748.00
285
58.40
16644.00
505
56.22
28392.00
Weighted Average Cost
Mar-09
Sales
380
56.22
21364.28
125
56.22
7027.72
Mar-18
Purchase
145
63.4
9193
125
56.22
7027.72
145
63.40
9193.00
270
60.08
16220.72
Weighted Average Cost
Mar-25
Purchase
270
65.4
17658
270
60.08
16220.72
270
65.40
17658.00
540
62.74
33878.72
Weighted Average Cost
Mar-29
Sales
250
62.74
15684.59
290
62.74
18194.13
Cost of ending inventory = 290*$62.74 = $18,194.13
Specific ID
Date
Activity
Purchases
Cost of Goods Sold
Inventory Balance
Units
Price per Unit
Total Amount
Units
Price per Unit
Total Amount
Units
Price per Unit
Total Amount
Mar-01
Beginning Inventory
220
53.4
11748
Mar-05
Purchase
285
58.4
16644
220
53.4
11748
285
58.4
16644
Mar-09
Sales
125
53.4
6675
95
53.4
5073
255
58.4
14892
30
58.4
1752
Mar-18
Purchase
145
63.4
9193
30
58.4
1752
95
53.4
5073
145
63.4
9193
Mar-25
Purchase
270
65.4
17658
30
58.4
1752
95
53.4
5073
145
63.4
9193
270
65.4
17658
Mar-29
Sales
105
63.4
6657
30
58.4
1752
145
65.4
9483
95
53.4
5073
40
63.4
2536
125
65.4
8175
Cost of ending inventory = (30*$58.40) + (95*$53.40) + (40*$63.40) + (125*$65.40) = $17,536
Chegg policy allows us to solve upto 4 subparts of a single question. Question#3 already had 4 subparts which are solved here. So, I request you to kinldy submit the remaining questions separately. Also, please do give a "thumbs-up" for the answers, if you find them correct.
Date
Activity
Purchases
Cost of Goods Sold
Inventory Balance
Units
Price per Unit
Total Amount
Units
Price per Unit
Total Amount
Units
Price per Unit
Total Amount
Mar-01
Beginning Inventory
220
53.4
11748
Mar-05
Purchase
285
58.4
16644
220
53.4
11748
285
58.4
16644
Mar-09
Sales
220
53.4
11748
160
58.4
9344
125
58.4
7300
Mar-18
Purchase
145
63.4
9193
125
58.4
7300
145
63.4
9193
Mar-25
Purchase
270
65.4
17658
125
58.4
7300
145
63.4
9193
270
65.4
17658
Mar-29
Sales
125
58.4
7300
20
63.4
1268
125
63.4
7925
270
65.4
17658
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