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Fill in the blanks of the multi-step problem. Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory
Fill in the blanks of the multi-step problem.
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 March 1 March 5 March 9 March 18 March 25 March 29 Perpetual FIFO Perpetual LIFO Date March 1 Complete this question by entering your answers in the tabs below. March 5 Weighted Average Compute the cost assigned to ending Inventory using PIFO. Total March 5 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 55 units from beginning inventory, 185 units from the March 5 purchase, 35 units from the March 18 purchase, and 75 units from the March 25 purchase. March 9 Total March 9 March 18 Total March 18 March 25 Beginning inventory Purchase Sales Purchase Purchase Sales Totals Total March 25 Activities March 29 Total March 29 Totals Goods Purchased # of units Units Acquired at Cost 80 units @ $50.60 per unit 215 units @ $55.60 per unit 75 units @ $60.60 per unit 130 units @ $62.60 per unit Specific Id 500 units Cost per # of units unit sold Perpetual FIFO: Cost of Goods Sold Cost per Cost of Goods Sold unit 60 Perpetual FIFO # of units Units Sold at Retail 240 units @ $85.60 per unit 110 units @ $95.60 per unit 350 units Inventory Balance Cost per unit $50.60 = 80 at Perpetual LIFO > Inventory Balance $4,048.00
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