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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 March 9 March 18 March 25 March 29 Units Acquired at Cost 100 units 350 per unit 400 units $55 per unit Units Sold at Retail Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 420 units $85 per unit 120 units 200 units 360 per unit 562 per unit 160 units 580 units $95 per unit 320 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (LIFO. (weighted average, and (d) specific identification. For specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase Perpetual FIFO: Cost of Goods Sold Date Goods Purchased Cost per #of units unit of units sold Cost per Cost per Cost of Goods Sold unit Inventory Balance of units unit Inventory Balance 100 at 5 50 00 S 5,000.00 March 1 400 at $55,00 March 5 100 at 400 t $ 50 00 5 55 00 = $ 5,000.00 22,000.00 $ 27,000.00 Total March 5 March 9 $ 1001 at 320 at $ 5000 - $ 5500 5.000.00 at 17.600.000 at 22.600.00 $ 50.00 $ 55.00 Total March 9 $ 4.40000 $ 4,400.00 120 at $ 60.00 March 18 at 80 at 120 at $ 50.00 $ 5500 $ 6000 = 4.400.00 720000 $ 11,600 00 Total March 18 200 at 562001 March 25 80 at 120 at 2001 at 550.00 $ 5500 $ 6000 = 5 62 00 = 4.400 00 7,200.00 12.400.00 5 24 000 00 Total March 25 at March 29 at 80 at 80 at at $50.00 $ 55.00 $ 60,00 562.00 4400 00 4,800.00 0.00 9,200.00 at 40 at 2001 at $ 50 00 $ 5500 5 6000 $ 62.00 = = 2.400 00 12,400.00 $ 14,800.00 Total March 29 $ Totals $ 31,800.00 $ 14,800.00 Perpetual LIFO: Cost of Goods Sold Date Goods Purchased Cost per # of units unit # of units sold Cost per unit Cost of Goods Sold Cost per Inventory Balance # of units unit Inventory Balonce 100 at $50.00 = $ 5,000.00 March 1 March 5 Total March March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals S 0.00 CUSC por unit to 2 decimal places Goods Purchased Date Weighted Average Perpetual: Cost of Goods Sold W of units sold Cost of Goods Sold unit Inventory Balance # of units Cost per Cost per Cost per unit # of units Inventory Balance March 1 unit 550.00 100 at S 5,000.00 400 at 5.55.00 March 5 Average Match 5 March 9 100) at 400 at 500 at $50.00 $55.00] = $ 5,000.00 22,000.00 $ 27.000.00 420 at 80 March 18 Average March 18 March 25 Average March 25 March 29 Totals 0.00 Specific Identification: Cost of Goods Sold Inventory Balance Date Cost per Cost per of units Goods Purchased Cost per Goods # of units unit Puchased 100 at $50.00 $ 5.000 400 at $ 55.00 22.000 120 at $ 6000 7.200 200 at 56200 $ 12,400 of units sold at at March 1 March 5 March 18 March 25 Totals at at unit Cost of Goods Sold $50.00 $ 0.00 $ 55,00 560.00 0.00 $62.00 $ 0.00 unit Inventory Balance $50.00 = 5 0.00 $55,00 $60.00 0.00 56200 - $ 0.00 at at at at s