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 Acquired at Cost Units sold at Retail Mar. 1 Beginning inventory 100 units @ $50.00 per unit Mar. 5 Purchase 400 units @ $55.00 per unit Mar. 9 Sales 420 units @ $85.00 per unit Mar. 18 Purchase 120 units @ $60.00 per unit Mar. 25 Purchase 200 units @ $62.00 per unit Mar. 29 Sales 160 units @ $95.00 per unit Totals 820 units 580 units 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 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO: Goods Purchased # of Cost units per unit Cost of Goods Sold Cost Cost of Goods Sold # of units sold Date Inventory Balance Cost per # of units Inventory unit Balance 100 @ 5 50.00 = $ 5,000.00 per unit March 1 March 5 March 9 March 18 March 25 March 29 Totals S 0.00 S 0.00 Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold # of Cost # of units Cost Date units sold Cost of Goods Sold March 1 March 5 per unit per unit Inventory Balance # of units Cost per unit Inventory Balance 100 @ $50.00 = S 5,000.00 March 9 March 18 March 25 March 29 Totals S 0.00 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 80 units from beginning invento and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. Specific Identification: Goods Purchased Cost of Goods Sold Inventory Balance # of Cost Date # of units Cost Cost sold Cost of Goods Sold # of units per unit per unit Inventory Balance March 1 100 @ $50.00 = 5,000.00 March 5 units per unit S March 9 March 18 March 25 March 29 Totals S 0.00