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 130 units from beginning inventory and 260 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 150 units from the March 25 purchase.
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 ActivitiesUnits Acquired at Cost Units Sold at Retail Date Mar 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 230 units@ $53.60 per unit 290 units@ $58.60 per unit 390 units@$88.60 per unit 150 units$63.60 per unit 280 units@ $65.60 per unit 260 units@ $98.60 per unit 650 units Totals 950 units 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 130 units from beginning inventory and 260 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 150 units from the March 25 purchase Weighted Average Perpetual FIFO Perpetual LIFO Compute the cost assigned to ending inventory using FIFO Perpetual FIFO: Specific Id chased Inventory Balance l #of units sold Costper! Cost of Goods Sold! Cost pen Cost perInventory Balance 0 Date # of units units unit unit unit March 1 230S53.60 12,328.00 March 5 March 9 March 18 March 25 March 29 Totals 0.00 Weighted Average Perpetual FIFOEPerpetual LIFO Specific Id Compute the cost assigned to ending inventory using LIFO Perpetual LIFO: s Purchase Cost of Goods Sold Inventory Balance tperl unit #of units sold |Costper! Cost of Goods Cost perInventory Balance 0 Date Solo # of units units unit unit March 1 230S53.60 S 12,328.00 March 5 March 9 March 18 March 25 March 29 Totals 0.00 Perpetual FIFO Perpetual LIFO Average Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Specific Id Average Goods Purchase ost of Goods Sold Inventory Balance Cost per unit # of units Cost per unit Cost of Goods Sold Cost per unit Inventory Balance S53.60S 12,328.00 Date # of units units March 1 230 March 5 Average March 9 March 18 Average March 25 March 29 Totals 0.00 Perpetual LIFO Specific ld Specific Identification: s Purchase Inventory Balance ost of Goods Sol | Cost per | | Cost per unit # of units sold Cost of Goods Sold 0 #Of units unit Cost per Date Inventory Balance units unit March 1 230S53.60 $ 12,328.00 March 5 March 9 March 18 March 25 March 29 Totals 0.00 K 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 consisted of 130 units from beginning inventory and 260 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 150 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) WeightedSpecif AverageIdentification Gross Margin Sales Less: Cost of goods sold Gross profit FIFO LIFO
