Question

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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.

1.

value:

8.33 points

Required information

Compute cost of goods available for sale and the number of units available for sale.

References

eBook & Resources

Expanded tableDifficulty: 3 HardLearning Objective: 06-P1 Compute inventory in a perpetual system using the methods of specific identification, FIFO, LIFO, and weighted average.

Check my work

2.

value:

8.33 points

Required information

References

eBook & Resources

WorksheetDifficulty: 3 HardLearning Objective: 06-P1 Compute inventory in a perpetual system using the methods of specific identification, FIFO, LIFO, and weighted average.

Check my work

3.

value:

8.33 points

Required information

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 130 units from beginning inventory and 260 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 150 units from the March 25 purchase. (Round your average cost per unit to 2 decimal places.)

References

eBook & Resources

Expanded tableDifficulty: 3 HardLearning Objective: 06-P1 Compute inventory in a perpetual system using the methods of specific identification, FIFO, LIFO, and weighted average.

Check my work

4.

value:

8.33 points

Required information

Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 130 units from beginning inventory and 260 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 150 units from the March 25 purchase. (Round weighted average cost per unit to two decimals.)

a.FIFO

b.LIFO

 Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.