Required information Problem 5-2AA 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 Units Sold at Retail Units Acquired at Cost 120 units @ $51.40 per unit 235 units @ $56.40 per unit 280 units @ $86.40 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 95 units @ $61.40 per unit 170 units @ $63.40 per unit 150 units @ $96.40 per unit 430 units 620 units Problem 5-2AA 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 75 units from beginning inventory and 205 units from the March 5 purchase; the March 29 sale consisted of 55 units from the March 18 purchase and 95 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 Perpetual FIFO: Cost of Goods Sold Goods Purchased # of Cost per units unit Date # of units sold Cost per Cost of Goods Sold unit Inventory Balance # of units Cost per Inventory unit Balance 120 @ $ 51.40 = $ 6,168.00 March 1 March 5 235 @ $ 56.40 120 @ @ $51.40 $ 56.40 = = $ 6,168.00 13,254.00 $ 19,422.00 March 9 $ 0.00 @ @ $51.40 $ 56.40 = = @ @ $ 51.40 $ 56.40 0.00 March 18 March 25 March 29 Totals $ 0.00 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: Goods Purchased # of Cost per unit Cost of Goods Sold Cost per st per cost of Goods Sold unit Date # of units sold units Inventory Balance # of units Cost per Inventory unit Balance 120 @ $ 51.40 = $ 6,168.00 March 1 March 5 March 9 March 18 March 25 March 29 Totals $ 0.00 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 # of Cost per units unit March 1 Cost of Goods Sold Cost per Cost of Goods unit Sold Date # of units sold Inventory Balance Cost per # of units Inventory Balance unit 120 @ $51.40 = $ 6,168.00 March 5 Average March 9 March 18 Average March 25 March 29 Totals $ 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 75 units from beginning inventory and 205 units from the March 5 purchase; the March 29 sale consisted of 55 units from the March 18 purchase and 95 units from the March 25 purchase. Specific Identification: Goods Purchased # of Date Cost per units unit March 1 # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance # of units Cost per Inventory Balance 120 @ $51.40 = $ 6,168.00 March 5 March 9 March 18 March 25 March 29 Totals $ 0.00
