Problem 5-2AA (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 March 1 Activities Beginning inventory Purchase March 5 March 9 Sales March 18 Purchase March 25 Purchase March 29 Sales Totals Units Acquired at Cost 100 units @ $51.00 per unit 225 units @ $56.00 per unit Units Sold at Retail 260 units @ $86.00 per unit 85 units @ $61.00 per unit 150 units @ $63.00 per unit 560 units 130 units @ $96.00 per unit 390 units Problem 5-2AA (Algo) Part 1 Required: 1. Compute cost of goods available for sale and the number of units available for sale. Beginning inventory Purchases: March 5 March 18 March 25 Total Cost of Goods Available for Sale # of units Cost per Unit Cost of Goods Available for Sale 2. Compute the number of units in ending inventory. Ending inventory 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 65 units from beginning inventory and 195 units from the March 5 purchase; the March 29 sale consisted of 45 units from the March 18 purchase and 85 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: March 1 Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Inventory Balance Cost per Inventory Cost of Goods Sold # of units unit Balance 100 @ $51.00 = $ 5,100.00 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 < Perpetual FIFO Perpetual LIFO > 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 65 units from beginning inventory and 195 units from the March 5 purchase; the March 29 sale consisted of 45 units from the March 18 purchase and 85 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 LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance March 1 100 @ $51.00 = $ 5,100.00 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 < Perpetual FIFO Weighted Average > Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using weighted average. Note: Round your average cost per unit to 2 decimal places. Weighted Average Perpetual: March 1 Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold Cost per # of units unit Inventory Balance Inventory Balance 100 @ $ 51.00 = $ 5,100.00 March 5 Average March 5 March 9 March 18 Average March 18 March 25 Average March 18 March 29 Totals < Perpetual LIFO Specific Id > 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 65 units from beginning inventory and 195 units from the March 5 purchase; the March 29 sale consisted of 45 units from the March 18 purchase and 85 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, the March 9 sale consisted of 65 units from beginning inventory and 195 units from the March 5 purchase; the March 29 sale consisted of 45 units from the March 18 purchase and 85 units from the March 25 purchase. Specific Identification: March 1 March 5 Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units Cost per Cost of Goods Cost per # of units sold unit Sold Inventory Balance unit 100 @ $51.00 = $ 5,100.00 Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 65 units from beginning inventory and 195 units from the March 5 purchase; the March 29 sale consisted of 45 units from the March 18 purchase and 85 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Gross Margin Sales Less: Cost of goods sold Gross profit FIFO LIFO Average Cost Specific ID