FIFO
LIFO
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 Activities 1 Beginning inventory Units Acquired at Cost 100 units $51.00 per unit 225 units $56.00 per unit Units Sold at Retail Date Mar. 5 Purchase Mar. Mar 260 units@ $86.00 per unit Sales 85 units $61.00 per unit 150 units $63.00 per unit Mar. 18 Purchase Mar. 25 Purchase 130 units @ $96.00 per unit Mar. 29 Sales 560 units 390 units Totals Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For pecific identification, the March 9 sale consisted of 65 units from beginning inventory and 195 units from the March 5 purchase; the March 29 sale consisted of 45 units from the March 18 purchase and 85 units from the March 25 purchase. Cost of Goods Sold Goods Purchased Inventory Balance Cost per of Cost per #of units sold Cost per unit Inventory Balance Cost of Goods Sold # of units Date units unit unit 100@ $ 51.00 $ 5,100.00 March 1 225 $51.00 March 5 $56.00 a $56.00 March 9 260 $61.00 March 18 $61.00 150 $63.00 March 25 $61.00 $ 63.00 130 March 29 $ 0.00 Totals EA 15 Goods Purchased Cost of Goods Sold Inventory Balance Cost per #of units Cost per Cost of Goods Sold of Cost per unit Inventory Date # of units units unit sold unit Balance 100 $51.00 March 1 5,100.00 March 5 March 9 March 18 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 65 units from beginning inve and 195 units from the March 5 purchase; the March 29 sale consisted of 45 units from the March 18 purchase and 85 units from the March 25 purchase. Specific Identification: Cost of Goods Sold Inventory Balance Goods Purchased #of units sold Cost per Inventory Balance unit # of Cost per unit Cost per unit Cost of Goods Date # of units Sold units March 1 100@ $51.00 5,100.00 March 5 March 9 March 18 March 25 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 Units Acquired at Cost 100 units $51.00 per unit 225 units $56.00 per unit Units Sold at Retail Date Activities 1 Beginning inventory 5 Purchase Mar Mar 260 units @ $86.00 per unit 9 Sales Mar 85 units $61.00 per unit 150 units $63.00 per unit Mar. 18 Purchase Mar. 25 Purchase 130 units @ $96.00 per unit Mar. 29 Sales 560 units 390 units Totals ompute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale sisted of 65 units from beginning inventory and 195 units from the March 5 purchase; the March 29 sale consisted of 45 units from March 18 purchase and 85 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final wers to nearest whole dollar.) Avg. Cost ss Margin FIFO LIFO Spec. ID s: Cost of goods sold ss profit
