Solved:
Answered by AI, Verified by Human Experts
Warnerwoods Company uses a perpetual Inventory system. It entered into the following purchases and sales transactions for March Date Activities Units Acquired at cont Units sold at Retat March 1 Beginning inventory 120 units $51.40 per unit Purchase 235 units 556.40 per unit Sales 280 units e $86.40 per unit 95 units $61.40 per unit March 25 Purchase 170 units $63.40 per unit March 29 Sales 150 units $96.40 per unit Totals 620 O units 430 unita March 5 March March 10 Purchase 3. Compute the cost assigned to ending inventory using (9) FIFO (O) LIFO. () welghted average, and (c) specific identification. For specific identification, units sold include 75 units from beginning inventory, 205 units from the March 5 purchase, 55 units from the March 18 purchase, and 95 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual UFO Weighted Specnc ta Average Compute the cost assigned to ending Inventory using Firo. Petretual Elfo Constanta Inn Raa
Warnerwoods Company uses a perpetual Inventory system. It entered into the following purchases and sales transactions for March Date Activities Units Acquired at cont Units sold at Retat March 1 Beginning inventory 120 units $51.40 per unit Purchase 235 units 556.40 per unit Sales 280 units e $86.40 per unit 95 units $61.40 per unit March 25 Purchase 170 units $63.40 per unit March 29 Sales 150 units $96.40 per unit Totals 620 O units 430 unita March 5 March March 10 Purchase 3. Compute the cost assigned to ending inventory using (9) FIFO (O) LIFO. () welghted average, and (c) specific identification. For specific identification, units sold include 75 units from beginning inventory, 205 units from the March 5 purchase, 55 units from the March 18 purchase, and 95 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual UFO Weighted Specnc ta Average Compute the cost assigned to ending Inventory using Firo. Petretual Elfo Constanta Inn Raa
The cost assigned to ending inventory can be known using theFIFO method(First-In, First-Out)for a perpetual inventory system, we need to determine the cost of the most recent purchases that have not been sold.First, let's calculate the cost of ending inventory using FIFO:1. Calculate thecost of the units sold:- From the beginning inventory: 75 units * $51.40 per unit = $3,855- From the March 5 purchase: 205 units * $556.40 per unit = $114,164- From the March 18 purchase: 55 units * $556.40 per unit = $30,602- From the March 25 purchase: 95 units * $63.40 per unit = $6,033Total cost of units sold = $3,855 + $114,164 + $30,602 + $6,033 = $154,6542. Calculate the cost ofending inventory:- From the March 1 beginning inventory: 120 units * $51.40 per unit = $6,168- From the March 10 purchase: 170 units * $556.40 per unit = $94,428Total cost of ending inventory = $6,168 + $94,428 = $100,596Therefore, the cost assigned to ending inventory using the FIFO method is $100,596.To know more aboutFIFO Methodvisit:brainly.com/question/33511392#SPJ11...