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 50 units from beginning inventory and 180 units from the March 5 purchase; the March 29 sale consisted of 30 units from the March 18 purchase and 70 units from the March 25 purchase.

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Activities Units Acquired at Cost 70 units@$50.40 per unit 210 units $55.40 per unit Units Sold at Retail Date 1 Beginning inventory 5 Purchase 9 Sales Mar Mar. 230 units $85.40 per unit Mar. 70 units@$60.40 per unit 120 units $62 . 40 per unit Mar. 18 Purchase 25 Purchase Mar. 100 units@ $95.40 per unit Mar. 29 Sales 470 units 330 units Totals Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale Cost per Unit Cost of Goods Available #of units for Sale Beginning inventory Purchases: March 5 March 18 March 25 Total 2. Compute the number of units in ending inventory. units Ending inventory Weighted Average Perpetual FIFO Perpetual LIFO Specific Id Compute the cost assigned to ending inventory using FIFO Perpetual FIFO Cost of Goods Sold Inventory Balance Goods Purchased Cost per Cost per # of Cost per #of units Inventory Balance Date Cost of Goods Sold # of units units unit sold unit unit S50.40 March 1 70 3,528.00 March 5 March 9 March 18 March 25 March 29 Totals Perpetual FIFO Perpetual LIFO > Weighted Average Perpetual FIFO Perpetual LIFO Specific Id Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO Goods Purchased Cost of Goods Sold Inventory Balance Cost per Cost per unit Cost per of #of units Inventory Balance Date Cost of Goods Sold # of units sold units unit unit S 50.40 70@ March 1 3,528.00 March 5 March 9 March 18 March 25 March 29 Totals Perpetual FIFO Weighted Average> Weighted Average Perpetual FIFO Perpetual LIFO Specific Id Compute the cost assigned to ending inventory using weighted average Round your average cost pr unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Cost per Cost per # of Cost per # of units Cost of Goods #of units Date Inventory Balance units unit sold unit Sold unit S 50.40 3,528.00 March 1 70 March 5 Average March 9 March 18 Average March 25 March 29 Totals Specific Id Perpetual LIFO Weighted Average Perpetual FIFO Perpetual LIFO Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 5 and 180 unts from the arch 5 p ; the March 29 sale consisted of 30 units from the March 18 purcha an t ferom the .************.. * .... * *. ... . Specific Identification: Cost of Goods Sold Goods Purchased Inventory Balance Cost per Cost per unit Cost per unit #of #of units Cost of Goods Date # of units Inventory Balance units sold unit Sold S 50.40 March 1 70 3,528.00 March 5 March 9 March 18 March 25 March 29 Totals Weighted Average Specific Id 4. Compute gross profit earned by the company for each of the four costing methods. For specific Identification, the March 9 sale conslsted of 50 units from beginning inventory and 180 units from the March 5 purchase; the March 29 sale consisted of 30 units from the March 18 purchase and 70 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) Spec. ID Gross Margin FIFO LIFO Avg. Cost Sales Less: Cost of goods sold Gross profit