Help Sa Required information Problem 5-1A Perpetual: Alternative cost flows LO P1 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 Aequired at Coat Units sold at Rotan Mar. 1 Beginning inventory 250 unitse $54.00 per unit 5 Purchase 300 units e $59.00 per unit 9 Sales 410 units # $89.00 per unit Mar. 18 Purchase 160 unitse $64.00 per unit Mar. 25 Purchase 300 units e $66.00 per unit Mar. 29 Sales 280 units $99.00 per unit Totals 1.010 units 690 unita Mar. Mar. Problem 5-1A Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO. (D) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 140 units from beginning inventory and 270 units from the March 5 purchase; the March 29 sale consisted of 120 units from the March 18 purchase and 160 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual Fir: Cost of Goods Sold Goods Purchased # of units unit Date Cost per # of units sold Cost per Inventory Balance Cost per # of units Inventory unit Balance 250 $ 54.00 = $ 13,500.00 Cost of Goods Sold unit March 1 March 5 3001 @ $59.00 $ 54.00 $ 59.00 March 9 March 18 160 @ $64.00 @ $64.00 + March 25 300 @ $ 66.00 $ 64.00 $ 66,00 March 29 0.00 Totals 2 4 5 BAIEN. unit Required information Late units March 1 March 5 sold unit LOST OF Uoods sold Of Units unit $ 54.00 - Balance $ 13,500.00 250 March 9 March 18 March 25 March 29 Totals $ 0.00 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance # of Cost per Date # of units Cost per units Cost per Inventory Balance Cost of Goods Sold unit sold unit # of units unit March 1 250 $ 54.00 = $ 13,500.00 March 5 Average March 9 March 18 Average March 25 March 29 Totals 0.00 Inventory Balance Specific Identification: Goods Purchased Date # of units unit March 1 March 5 Cost per # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold # of units Cost per Inventory Balance unit $ 54.00 = 250 $ 13,500.00 March 9 March 18 March 25 March 29 Totals $ 0.00 S --- Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units Acquired at Cost 250 units & $54.00 per unit 300 units & $59.00 per unit Units sold at Retail Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 410 units $89.00 per unit 160 units $64.00 per unit 300 units e $66.00 per unit 1,010 units 280 units @ $99.00 per unit 690 units Problem 5-1A Part 4 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 140 units from beginning inventory and 270 units from the March 5 purchase the March 29 sale consisted of 120 units from the March 18 purchase and 160 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar) FIFO LIFO Avg. Cost Spec.ID Gross Margin Sales Less: Cost of goods sold Gross profit January 1 beginning inventory Cost of goods sold March 31 ending inventory $ 0 14,052 704 Compute inventory turnover and days' sales in inventory for the three months ended March 31, 2018 Complete this questions by entering your answers in the below tabs. Part A Part B 1. & 2. Compute the lower of cost market for ending inventory assuming Rey applies the lower of cost or market rule to inventory as a whole and lower of cost or market rule to each product in inventory. Must Rey adjust the reported inventory value? BUSINESS SOLUTIONS Per Unit LCM Applied Inventory Items Units Cost Market Total Cost Total Market To Items Office productivity 3 $ 76 $ 74 Desktop publishing 2 103 100 Accounting 3 90 96 $ $ 0 $ Totals 0 0 Lower of cost or market rule to inventory as a whole Rey must adjust the reported inventory value Lower of cost or market rule to each product in inventory Rey must adjust the reported inventory value