6-3

Required information 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 Units Sold at Retail Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at Cost 180 units@ $52.60 per unit 265 units@ $57.60 per unit 125 units @ $62.60 per unit 238 units @ $64.60 per unit 340 units @ $87.68 per unit 210 units @ $97.60 per unit 550 units 800 units Problem 6-1A Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO. (6) LIFO. (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 105 units from beginning inventory and 235 units from the March 5 purchase; the March 29 sale consisted of 85 units from the March 18 purchase and 125 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual Fifo Perpetual LIFO Weighted Average Specific id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased # of units unit Cost of Goods Sold Cost per Cost of Goods Sold Date Cost per # of units sold Inventory Balance Cost per Inventory # of units unit Balance 180 @ $ 52,60 = $ 9,468.00 unit March 1 March 5 March 9 March 18 March 25 March 29 Totals Perpetual LIFO: Goods Purchased #of units unit Cost per Cost of Goods Sold # of units sold unit Cost of Goods Sold Date Cost per Inventory Balance # of units Inventory Balance 180 @ $ 52.60 - $ 9,468.00 Cost per unit March 1 March 5 March 9 March 18 March 25 March 29 Totals Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Inventory Balance Weighted Average Perpetual: Goods Purchased #of Cost per Date unit March 1 Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold # of units Cost per Inventory Balance units unit $ 52.60 = 180 @ $ 9,468.00 March 5 Average March 9 March 18 Average March 25 March 29 Totals Specific Identification: Goods Purchased #of Dato units unit March 1 Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per # of units Inventory Balance unit 180 @ $ 52.60 = $ 9,468.00 March 5 March 9 March 18 March 25 March 29 Totals