Any explanations are appreciated
Required information Problem 5-1A 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 Units Acquired at Cost 220 units @ $53.40 per unit 285 units @ $58.40 per unit Mar. 380 units @ $88.40 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 145 units@ $63.40 per unit 270 units @ $65.40 per unit 250 units @ $98.40 per unit 630 units 920 units Problem 5-1A Part 3 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 125 units from beginning inventory and 255 units from the March 5 purchase; the March 29 sale consisted of 105 units from the March 18 purchase and 145 units from the March 25 purchase. Required information 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 Cost per units unit Cost of Goods Sold Cost Cost of Goods per Sold unit # of units sold Date March 1 = March 5 285 @ $ 58.40 Inventory Balance Cost # of units per Inventory Balance unit $ 220 $ 53.40 11,748.00 $ $ 220 @ 53.40 11,748.00 $ 285 @ 58.40 16,644.00 $ 28,392.00 $ 95 X @ 53.40 $ 5,073.00 35 x @ 58.40 2,044.00 $ 7,117.00 March 9 125 x @ = $ 6,675.00 = $ 53.40 $ 58.40 255 X @ = 14.892.00 $ 21,567.00 March 18 145@ 95 X @ 63.40 $ 5,073.00 35 x @ $ 53.40 $ 58.40 $ 63.40 2,044.00 145 @ = 9.193.00 $ 16,310.00 March 25 270 @ 95 X @ 65.40 $ 53.40 $ 5,073.00 35 x @ = 2,044.00 58.40 145 @ 9,193.00 63.40 $ Tacan 270 @ = 17,658.00 $ 33,968.00 $ March 29 0 > = $ 0.00 53.40 95 X @ $ 5,073.00 11 0.00 35 X @ 2,044.00 0X @ 105 @ 58.40 $ 63.40 11 6,657.00 53.40 $ 58.40 $ 63.40 $ 65.40 40 X @ 2,536.00 145 @ = 9,483.00 125 X @ 8,175.00 65.40 $ 16,140.00 $ 17,828.00 $ 17,828.00 Totals $ 37,707.00 Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: Goods Purchased Cost # of per units unit Cost of Goods Sold Cost Cost of Goods per unit Sold Date # of units sold # of units Inventory Balance Cost Inventory per Balance unit $ $ 11,748.00 53.40 March 1 220 @ March 5 March 9 March 18 March 25 March 29 Totals $ 0.00 Answer is not complete. 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 weighted average. (Round your average cost per unit to 2 decimal places.). Weighted Average Perpetual: Goods Purchased Cost # of units Date Cost of Goods Sold Cost Cost of Goods per Sold unit # of units sold per unit Inventory Balance Cost # of units Inventory per Balance unit $ 220 @ $ 11,748.00 53.40 March 1 March 5 Average March 9 March 18 Average March 25 March 29 Totals 0.00 Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 125 units from beginning inventory and 255 units from the March 5 purchase; the March 29 sale consisted of 105 units from the March 18 purchase and 145 units from the March 25 purchase. Specific Identification: Goods Purchased # of Cost Date units per unit March 1 Cost of Goods Sold Cost # of units Cost of Goods sold per Sold unit # of units Inventory Balance Cost Inventory per unit Balance 53.40 $ 11,748.00 220 @ = March 5 March 9 March 18 March 25 March 29 Totals 0.00
