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Problem 5-1A Perpetual: Alternative cost flows LO P1

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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

220

units

@ $53.40 per unit

Mar.

5

Purchase

285

units

@ $58.40 per unit

Mar.

9

Sales

380

units

@ $88.40 per unit

Mar.

18

Purchase

145

units

@ $63.40 per unit

Mar.

25

Purchase

270

units

@ $65.40 per unit

Mar.

29

Sales

250

units

@ $98.40 per unit

Totals

920

units

630

units

Problem 5-1A Part 3

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 125 units from beginning inventory and 255 units from the March 5 purchase; the March 29 sale consisted of 105 units from the March 18 purchase and 145 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 # of Cost # of units Date Cost units sold Cost of Goods Sold March 1 Inventory Balance Cost Inventory # of units per unit Balance 220 @ S53.40 = S 11.748.00 per unit per unit March 5 March 9 March 18 March 25 March 29 Totals 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 # of Cost units per unit Cost of Goods Sold Cost per unit Cost of Goods Sold Date # of units sold Inventory Balance Cost # of units Inventory per unit Balance 220 @ $ 53.40 = $ 11,748.000 March 1 March 5 March 9 March 18 March 25 March 29 Totals Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Specific Id Average Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 125 units from beginning inventory and 255 units from the March 5 purchase; the March 29 sale consisted of 105 units from the March 18 purchase and 145 units from the March 25 purchase. Specific Identification: Goods Purchased Cost of Goods Sold Inventory Balance # of Date Cost #of units Cost Cost of Goods Cost units per unit sold # of units Sold per unit Inventory Balance per unit March 1 220 @ 353.40 = 11,748.00 March 5 March 9 March 18 March 25 March 29 Totals 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 weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Date # of Cost # of units Cost Cost units per unit Cost of Goods Sold sold #of units per unit per unit Inventory Balance March 1 220 @ $53.40 = $ 11,748.00 March 5 Average March 9 March 18 Average March 25 March 29 Totals