11. Compute cost of goods available for sale and units available for sale 2 Beginning inventory 3 4 5 100 $ 50.5 D 150 6 Units available. 7 sale Cost of goods available for 2. Units in ending inventory 10 11 100 units 12 720unts 520 units 240 ending mventory 13 14 15 16 17 3a. FIFO perpetual 18 Date Goods Purchased Cost of Goods Sold Inventory Balance 19 PS-1A P1A P9:2A+ DM Wick Stataka G H A B C 1 2 3b. LIFO perpetual 3 Date Goods Purchased Cost of Goods Sold 44 15 46 17 48 19 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 3C. Weighted Average perpetual PS-1A P6-1A P9-2A + D Inventory Balance E G D 3C. Weighted Average perpetual Date Goods Purchased Cost of Goods Sold Inventory Balance 39 90 911 92 93 3d. Specific Identification 94 95 E PS-1A P6-1A P9-2A + F G H H12 91 92 90 3d. Specific Identification 94 95 96 97 96 99 100 101 Specific Identification 102 103 104 105 106 4. Compute Gross Profit 107 108 Sales 109 Less: Cost of goods sold 110 Gross profit 112 313 114 115 116 PS-1A P6-1A P9-2A Ending Inventory Cost of Goods Sold FIFO LIFO Weighted Average Specific Ident F G H 1 One M 100% 110 Gross profit 111 112 A D 113 114 115 116 117 118 Part 5. Analysis component 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 PS-1A P6-1A P9-2A + Culation Mode Automatic WorkbookSa Problem 6-1A Perpetual: Alternative cost flows P1 Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. (For specific identification, units sold consist of 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. Date Activities Mar 1 Beginning inventory.... Units Acquired at Cost 100 units @ $50 per unit Units Sold at Retail Mat. 5 Purchase 400 units $55 per unit Mar 9 Sales.... 420 units $85 per unit Mar. 18 Purchase Mar 25 Purchase 120 units 200 units $60 per unit $62 per unit Mar. 291 Sales 160 units $95 per unit Totals, 820 units 580 units 1. 2. 3. 4. Required Compute cost of goods available for sale and the number of units available for sale. Compute the number of units in ending inventory. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (Round all amounts to cents.) Compute gross profit earned by the company for each of the four costing methods in part 3