Question

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

Answer 1

Answer:

(a) FIFO cost $ 17,510.00  includes 20 units @ $63.00 per unit and 250 units @ $ 65.00 per unit.

(b) LIFO cost $ 15,900.00  includes 115 units @ $53.00 per unit, 135 units @ $63.00 per unit and 20 units @ $65.00 per unit.

(c) Weighted average cost $ 16,838.76 includes 270 units @ $62.37 per unit.

(d) Specific identification cost $ 16,240.00 includes 85 units @ 53.00 per unit, 30 units @ 58.00 per unit, 40 units @  63.00 per unit and 115 units @65.00 per unit.