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 Acquired at Cost 70 units @ $50.40 per unit 210 units @ $55.40 per unit 230 units @ $85.40 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 70 units @ $60.40 per unit 120 units@ $62.40 per unit 100 units @ $95.40 per unit 330 units 470 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 50 units from beginning inventory and 180 units from the March 5 purchase; the March 29 sale consisted of 30 units from the March 18 purchase and 70 units from the March 25 purchase. 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 # of units sold Date Cost of Goods Sold Cost per cost of Goods Sold unit Inventory Balance Cost per Inventory # of units unit Balance 70 @ $ 50.40 = $ 3,528.00 March 1 March 5 March 9 March 18 March 25 March 29 Totals $ 0.00