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 210 units @ $53.20 per unit 280 units @ $58.20 per unit 370 units @ $88.20 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar 29 Sales Totals 140 units @ $63.20 per unit 260 units @ $65.20 per unit 240 units @ $98.20 per unit 610 units 990 units Problem 6-1A 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 120 units from beginning inventory and 250 units from the March 5 purchase; the March 29 sale consisted of 100 units from the March 18 purchase and 140 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 Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Cost of Goods Sold Goods Purchased # of Cost per units unit Date # of units sold Cost per cost of Goods Sold units March 1 March 5 280 @ $58.20 Inventory Balance # of units Cost per Inventory unit Balance 210 @ $53.20 = $ 11,172.00 210 @ $53.20 = S 11,172.00 280 @ $ 58.20 = 16,296.00 $ 27,468.00 @ $53.20 @ $ 58.20 | March 9 210 $ @ @ $53.20 S 58.20 = = 11,172.00 0.00 11,172.00 $ March 18 140 @ | 563.20 @ @ @ S 53.20 $58.20 $63.20 = 140 8,848.00 8,848.00 S March 25 260 @ | S 65.20 @ @ @ @ $53.20 $ 58.20 $63.20 $ 65.20 March 29 Totals S 11,172.00 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold Cost per cost of Goods Sold unit # of units sold Date Inventory Balance # of units Cost per Inventory unit Balance 210 @ $53.20 = $ 11,172.00 March 1 March 5 March 9 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 weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased Cost per Date units unit Inventory Balance # of Cost of Goods Sold Cost per Cost of Goods unit Sold # of units sold Date # of units 210 @ cost per Inventory Balance $53.20 = $ 11,172.00 March 1 March 5 Average March 9 March 18 Average 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 120 units from beginning inventory and 250 units from the March 5 purchase; the March 29 sale consisted of 100 units from the March 18 purchase and 140 units from the March 25 purchase. Inventory Balance Specific Identification: Goods Purchased # of Cost per Date units unit March 1 Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold # of units 210 @ uniper Inventory Balance $53.20 = $ 11,172.00 March 5 March 9 March 18 March 25 March 29 Totals $ 0.00
