Warnerwoods Company uses a periodic inventory system. It entered into the follow
ID: 2719405 • Letter: W
Question
Warnerwoods Company uses a periodic 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 100 units @ $50 per unit Mar. 5 Purchase 400 units @ $55 per unit Mar. 9 Sales 420 units @ $85 per unit Mar. 18 Purchase 120 units @ $60 per unit Mar. 25 Purchase 200 units @ $62 per unit Mar. 29 Sales 160 units @ $95 per unit Totals 820 units 580 units This this the question to parts A. FIFO B LIFO C. Weighed Average D.Specific Identification Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March.Explanation / Answer
FIFO Date Activities Units Acquired at Cost Units Sold at Retail Ending inventory Mar. 1 Beginning inventory 100 units @ $50 per unit Mar. 5 Purchase 400 units @ $55 per unit Mar. 9 Sales 420 units @ $85 per unit 80 units @ $55 per unit 4,400 Mar. 18 Purchase 120 units @ $60 per unit Mar. 25 Purchase 200 units @ $62 per unit Mar. 29 Sales 160 units @ $95 per unit 40 units @ $60 per unit 2,400 200 units @ $62 per unit 12,400 Totals 820 units 580 units ending inventory 14,800 LIFO Date Activities Units Acquired at Cost Units Sold at Retail Ending inventory Mar. 1 Beginning inventory 100 units @ $50 per unit Mar. 5 Purchase 400 units @ $55 per unit Mar. 9 Sales 420 units @ $85 per unit 80 units @ $50 per unit 4,000 Mar. 18 Purchase 120 units @ $60 per unit Mar. 25 Purchase 200 units @ $62 per unit Mar. 29 Sales 160 units @ $95 per unit 80 units @ $50 per unit 4,000 120 units @ $60 per unit 7,200 40 units @ $62 per unit 2,480 Totals 820 units 580 units ending inventory 9,680
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