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[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 Acquired at Cost

Units Sold at Retail

Mar.

1

Beginning inventory

80

units

@ $50.60 per unit

Mar.

5

Purchase

215

units

@ $55.60 per unit

Mar.

9

Sales

240

units

@ $85.60 per unit

Mar.

18

Purchase

75

units

@ $60.60 per unit

Mar.

25

Purchase

130

units

@ $62.60 per unit

Mar.

29

Sales

110

units

@ $95.60 per unit

Totals

500

units

350

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 55 units from beginning inventory and 185 units from the March 5 purchase; the March 29 sale consisted of 35 units from the March 18 purchase and 75 units from the March 25 purchase.

Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Cost per cost of Goods Sold Date # of units # of units Inventory Balance # of units unit Balance 80 @ $ 50.60 = $ 4,048.00 unit sold unit March 1 March 5 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 Date # of Cost per units unit March 1 # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance # of units Cost per Inventory Balance 80 @ $50.60 = $ 4,048.00 March 5 Average March 9 T D I March 18 Average March 25 March 29 Totals 0.001 Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 55 units from beginning inventory and 185 units from the March 5 purchase; the March 29 sale consisted of 35 units from the March 18 purchase and 75 units from the March 25 purchase. Specific Identification: Goods Purchased # of Cost per Date units unit I Inventory Balance Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold # of units 80 @ Counter Inventory Balance $ 50.60 = $ 4,048.00 March 1 March 5 March 9 March 18 March 25 March 29 Totals 0.00