Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 [The following information applies to...
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Problem 6-1A Perpetual: Alternative cost flows LO P1
[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.
DateActivitiesUnits Acquired at CostUnits Sold at Retail
Mar.1 Beginning inventory 230units@ $53.60 per unit
Mar.5 Purchase 290units@ $58.60 per unit
Mar.9 Sales 390units@ $88.60 per unit
Mar.18 Purchase 150units@ $63.60 per unit
Mar.25 Purchase 280units@ $65.60 per unit
Mar.29 Sales 260units@ $98.60 per unit
Totals 950units 650units
rev: 07_02_2019_QC_CS-172333
Problem 6-1A Part 1
Required:
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 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.
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