Check my work Required information [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 Date Activities Units Acquired at Cost Units sold at Retail Mar. 1 Beginning inventory 200 units @ $53.00 per unit Mar. 5 Purchase 275 units @ $58.00 per unit Mar. 9 Sales 360 unito e $88.00 per unit Mar. 18 Purchase 135 units $63.00 per unit Mar. 25 Purchase 250 units & $65.00 per unit 230 units $90.00 per unit Totals 860 units 590 units Mar. 29 Sales 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 115 units from beginning inventory and 245 units from the March 5 purchase; the March 29 sale consisted of 95 units from the March 18 purchase and 135 units from the March 25 purchase. Perpetual Perpetual Weighted Specific FIFO LIFO Average Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Cost Cost Date # of # of units Cost of Goods units per sold per Sold unit unit March 1 Inventory Balance Cost # of units per Inventory unit Balance $ $ 200 @ 53.00 10,600.00 $ 53.00 March 5 275 @ @ March 9 March 18 March 25 March 29 Totals 0.00 Perpetual FIFO Perpetual LIFO > Perpetual Perpetual Weighted Specific FIFO LIFO Average Id Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Cost Cost Cost Date # of # of units Cost of Goods per Inventory sold per # of units per units unit Sold Balance unit unit $ $ March 1 200 @ 53.00 10,600.00 March 5 March 9 March 18 March 25 March 29 Totals 0.00 $ Perpetual FIFO Weighted Average > Complete this question by entering your answers in the tabs below. Perpetual Perpetual Weighted Specific FIFO LIFO Average Id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per uni places.) Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Cost Cost Cost # of # of units Date Cost of units Inventory per sold per # of units per Goods Sold unit unit Balance unit $ S March 1 53.00 10,600.000 March 5 200 @ Average March 9 March 18 Average March 25 March 29 Totals $ 0.00 Perpetual LIFO Specific Id> Perpetual Perpetual Weighted Specific FIFO LIFO Average Id Compute the cost assigned to ending inventory using specific identification. For specific identification, the March consisted of 115 units from beginning inventory and 245 units from the March 5 purchase; the March 29 sale co of 95 units from the March 18 purchase and 135 units from the March 25 purchase. Shov Specific Identification: Goods Purchased Cost of Goods Sold Inventory Balance Cost # of Cost # of units Date Cost of Cost Inventory units per # of units per per unit sold unit Goods Sold unit Balance March 1 $ $ 2001 @ 53.00 10,600.00 March 5 March 9 March 18 March 25 March 29 Totals S 0.00 Weighted Average Specific ld Perpetual Perpetual Weighted Specific FIFO LIFO Average Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Cost Cost # of Date # of units units per per sold Sold unit unit March 1 Inventory Balance Cost of Goods # of units per Cost Inventory Balance $ 10,600.00 unit $ 53.00 $ 53.00 200 @ March 5 275 @ @ March 9 March 18 March 25 March 29 Totals 0.00 Perpetual FIFO Perpetual LIFO >
