ActivitiesUnits Acquired at Cost100 units @ $50 per unit400 units @ $55 per unitDateMar.Mar.Mar.Mar. 18 PurchaseMar. 25 PurchaseMar. 29 SalesUnits Sold at Retail1 Beginning inventory5 Purchase9 Sales420 units @ $85 per unit120 units @ $60 per unit200 units @ $62 per unit160 units @ $95 per unitTotals820 units580 units3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. Forspecific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; theMarch 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.Complete this question by entering your answers in the tabs below.WeightedAveragePerpetual FIFO Perpetual LIFOSpecific IdCompute the cost assigned to ending inventcry using specific identification. For specific identification, the March 9 sale consisted of 80 units from beginninginventory and 340 units from the March 5 puichase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purcSpecific Identification:Goods PurchasedCost of Goods SoldInventory Balance# ofunits# of unitssoldCostCostCostInventoryBalanceDateCost of Goods Sold# of unitsper unitper unitper unitMarch 1100 @$50.002$5,000.00March 5March 9March 18March 25

There is various type of inventory valuation. 1. FIFO Method - Where goods purchased first sell…

Date Mar. Mar. 5 Purchase Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities 1 Beginning inventory Units Acquired at Cost 100 units@ $50 per unit 400 units@ $55 per unit Units Sold at Retail 9 Sales 420 units@ $85 per unit 120 units@ $60 per unit 200 units @ $62 per unit 160 units@ $95 per unit Totals 820 units 580 units 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 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.

Date Mar. Mar. 5 Purchase Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities 1 Beginning inventory Units Acquired at Cost 100 units@ $50 per unit 400 units@ $55 per unit Units Sold at Retail 9 Sales 420 units@ $85 per unit 120 units@ $60 per unit 200 units @ $62 per unit 160 units@ $95 per unit Totals 820 units 580 units 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 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter3: Setting Up A New Company

Section: Chapter Questions

Problem 1.3C

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