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. Units Sold at Retail Units Aequired at Cost 60 units @ $50.20 per unit 205 units @ $55.20 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 220 units @ $85.20 per unit 65 units @ $60.20 per unit 110 units @ $62.20 per unit 90 units @ $95.20 per unit 310 units 440 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 45 units from beginning inventory and 175 units from the March 5 purchase; the March 29 sale consisted of 25 units from the March 18 purchase and 65 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 #of Cost per units unit Date # of units sold Cost of Goods Sold Cost per Cost of Goods Sold unit Inventory Balance # of units Cost per Inventory unit Balance 60 @ $ 50.20 = $ 3,012.00 March 1 March 5 March 9 Perpetual FIFO: Cost of Goods Sold Goods Purchased # of units unit Date Cost per # of units Cost per unit Cost of Goods Sold Inventory Balance # of units Cost per Inventory unit Balance 60 $ 50.20 $ 3,012.00 sold March 1 @ March 5 March 9 March 18 March 25 March 29 Perpetual LIFO: Goods Purchased # of units unit Cost per Cost of Goods Sold Cost per Cost of Goods Sold unit Date # of units sold Cost per Inventory Balance Inventory # of units unit Balance 60 @ $ 50.20 = 3,012.00 March 1 $ March 5 March 9 March 18 March 25 March 29 Perpetual FIFO Perpetual LIFO Weighted Specific Id Average Compute the cost assigned to ending Inventory using weighted average. (Round your average cost per unit to 2 decimal place Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance # of Date # of units units unit sold unit Cost of Goods Sold # of units unit Inventory Balance March 1 60 $ 50.20 $ 3,012.00 March 5 Cost per Cost per Cost per Average March 9 March 18 Average March 25 March 29 Totals 0.00 Compute the cost assigned to ending Inventory using specific identification. For specific identification, the March 9 sale consisted of 45 units from beginning inventory and 175 units from the March 5 purchase; the March 29 sale consisted of 25 units from the March 18 purchase and 65 units from the March 25 purchase. Specific Identification: Goods Purchased Date #o units unit March 1 March 5 Cost per Cost of Goods Sold of units Cost per Cost of Goods sold unit Sold of units Inventory Balance Cost per unit Inventory Balance $50.20 $ 3,012.00 60 March 9 March 18 March 25
