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Merchandise Inventory Required information Problem 5-1A (Algo) Perpetual: Alternative cost flows LO P3 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 sold at Retail Units Acquired at Cost 140 units @ $51.00 per unit 245 units @ $56.80 per unit Date March 1 March 5 March 9 March 10 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 300 units 586.80 per unit 105 units $61.80 per unit 190 units @ $63.80 per unit 680 units 170 units $96.8e per unit 478 units Problem 5-1A (Algo) Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO (6) LIFO. Id weighted average, and (d) specific identification. For specific identification units sold include 85 units from beginning inventory, 215 units from the March 5 purchase, 65 units from the March 18 purchase, and 105 units from the March 25 purchase. Perpetual FIFO Perpetual UFO Weighted Average Specific Id Compute the cost assigned to ending Inventory using FIFO. Perpetual FIFO: Cost of Goods Sold Date Goods Purchased # of units Cost per unit # of units sold Cost per Cost of Goods Sold unit Inventory Balance #of units Inventory unit Balance 140 at $51.80 = $ 7.25200 Cost per March 1 March 5 Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Tatil March 25 March 29 Total March 29 Totals 0.00 Required information Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending Inventory using LIFO. Date Goods Purchased Cost per #of units Perpetual LIFO Cost of Goods Sold of units sold unit Cost per cost of Goods Sold Cost per unit Inventory Balance Inventory #of units unit Balance 140 at $51 80 $ 7.252.00 March 1 March 5 Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals $ 0.00 Room Lumple us quonyeremy your answers in the taus Deow. 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: Cost of Goods Sold Goods Purchased Inventory Balance Date Cost per #of units # of units sold Cost per unit Cost per unit Cost of Goods Sold # of units March 1 unit Inventory Balance 51.80 = $ 7.252.00 140 at $ March 5 Average March 5 March 9 March 18 Average March 18 March 25 Average March 25 March 29 Totals 0.00 Problem 5-1A (Algo) Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO. (6) LIFO. ( weighted average, and (c) specific identification. For specific identification, units sold include 85 units from beginning inventory. 215 units from the March 5 purchase, 65 units from the March 18 purchase, and 105 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 specific identification. For specific identification, units sold include 85 units from beginning in 5 purchase, 65 units from the March 18 purchase, and 105 units from the March 25 purchase. Specific Identification: Date Goods Purchased of units Cost per Goods unit Puchased 140 at $51.80 5 7252 245 at $ 56 80 13,916 105 at 561.80 6,489 190 at $63.80 $ 12,122 = March 1 March 5 March 18 March 25 Totals "" Cost of Goods Sold # of units Cost per cost of Goods Sold sold unit at $51.80 S 0.00 at $ 56.80 at 5 61.80 0.00 at $63.80 = $ 0.00 Inventory Balance #of units Cost per Inventory Balance unit at $51.80 - $ 0.00 at $ 56.80 = at $ 61.80 = 0.00 at $63.80 = $ 0.00 Weighted Average Required information Problem 5-1A (Algo) Perpetual: Alternative cost flows LO P3 [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 March 1 Beginning inventory 140 units @ $51.80 per unit March 5 Purchase 245 units @ $56.80 per unit March 9 Sales 300 units $86.80 per unit March 18 Purchase 105 units @ $61.80 per unit March 25 Purchase 190 units @ $63.30 per unit March 29 Sales 170 units@ $96.50 per unit Totals 680 units 470 units Problem 5-1A (Algo) Part 4 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 85 units from beginning inventory, 215 units from the March 5 purchase, 65 units from the March 18 purchase, and 105 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) Gross Margin FIFO LIFO Weighted Average Specific ID Sales Less Cost of goods sold Gross profit