Required information Problem 6-1A 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 160 units @ $52.20 per unit 255 units @ $57.20 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 320 units @ $87.20 per unit 115 units @ $62.20 per unit 210 units @ $64.20 per unit 190 units @ $97.20 per unit 510 units 740 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 95 units from beginning inventory and 225 units from the March 5 purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 115 units from the March 25 purchase. Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Cost per Date # of units Cost per unit # of units sold Cost of Goods Sold Inventory Balance Cost per Inventory # of units unit Balance 160 @ $ 52.20 $ 8,352.00 unit March 1 = March 5 March 9 March 18 March 25 March 29 Totals $ 0.00 Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: Goods Purchased # of Cost per units unit # of units sold Cost of Goods Sold Cost per cost of Goods Sold unit Date Inventory Balance Cost per Inventory # of units unit Balance 160 @ $ 52.20 = $ 8,352.00 March 1 March 5 March 9 March 18 March 25 March 29 Totals $ 0.00 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 Cost per Cost per Date # of units # of units sold Cost per Cost of Goods Sold unit # of units unit unit Inventory Balance March 1 160 @ $ 52.20 $ 8,352.00 March 5 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 95 units from beginning inventory and 225 units from the March 5 purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 115 units from the March 25 purchase. Specific Identification: Goods Purchased # of Date Cost per units unit March 1 Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance # of units Cost per Inventory Balance unit 160 @ $ 52.20 = 8,352.00 March 5 March 9 March 18 March 25 March 29 Totals $ 0.00