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 Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at Cost 210 units@ $53.20 per unit 280 units@ $58.20 per unit 140 units@ $63.20 per unit 260 units@ $65.20 per unit 370 units @ $88.20 per unit 890 units 240 units @ $98.20 per unit 610 units Problem 6-1A Part 2 2. Compute the number of units in ending inventory Ending inventory 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 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 ld Compute the cost assigned to ending Inventory using FIFO. Perpetual FIFO Dato Goods Purchased # of Cost per units unit of units sold Cost of Goods Sold cost per cost of Goods Sold unit March 1 Inventory Balance W of units Cost per Inventory unit Balance 210 $53.20 = $ 11,17200 March 5 March 9 MA 1R 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 Acquired at Cost 210 units @ $53.20 per unit 288 units@ $58.20 per unit Units Sold at Retail Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 378 units@ $88.20 per unit 140 units@ $63.20 per unit 260 units@ $65.20 per unit 890 units 240 units@ $98.20 per unit 610 units Problem 6-1A Part 4 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, th 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. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar) FIFO LIFO Avg. Cost Spec. ID Gross Margin Sales Less: Cost of goods sold Gross profit Required information Problem 6-2AA Periodic: Alternative cost flows LO P3 [The following information applies to the questions displayed below.) Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Units Acquired at Cost 155 units @ $45 per unit 455 units @ $50 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 475 units @ $80 per unit 238 units@ $55 per unit 310 units @ $57 per unit 1,150 units 279 units @ $90 per unit 745 units For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 425 units from the March 5 purchase the March 29 sale consisted of 95 units from the March 18 purchase and 175 units from the March 25 purchase. Problem 6-2AA Part 2 2. Compute the number of units in ending inventory. Ending inventory units a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per # of units Cost per Cost of Goods Available for Sale $ 0 unit # of units sold Cost of Goods Sold Cost per unit # of units in ending inventory Ending Inventory unit $ 0.00 $ 0 $ 0.00 $ 0 0 0 $ 0 Beginning inventory Purchases: March 5 March 18 March 25 Total $ $ 0.00 0.00 0 0 0.00 0.00 0.00 $ $ 0 0 0 0 0 0 0 b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Salo Cost of # of units Goods unit Available for Sale Cost per W of units sold Cost per Cost of Goods Sold unit # of units in ending inventory Cost per unit Ending Inventory $ 0 Beginning inventory Purchases: March 5 March 18 March 25 Total 0 ol 0 0 c) Average Cost Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Average Goods # of units Cost per Available unit for Sale # of units sold Average Cost per Cost of Goods Sold # of units in ending inventory Average Cost per unit Ending Inventory Unit Beginning inventory Purchases: March 5 March 18 March 25 Total $ 0 $ 0 d) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory #of units Cost per Cost of Goods Available for Sale unit # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 0 $ 0 Beginning inventory Purchases March 5 March 18 March 25 Total 0 Ooo 0 0 0 0 Problem 6-2AA Periodic: Alternative cost flows LO P3 (The following information applies to the questions displayed below.) Warnerwoods Company uses a periodic 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 155 units@ $45 per unit Mar. 5 Purchase 455 units @ $50 per unit Mar. 9 Sales 475 units @ $88 per unit Mar. 18 Purchase 230 units @ $55 per unit Mar. 25 Purchase 310 units @ $57 per unit Mar. 29 Sales 270 units @ $90 per unit Totals 1,150 units 745 units For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 425 units from the March 5 purchase, the March 29 sale consisted of 95 units from the March 18 purchase and 175 units from the March 25 purchase. Problem 6-2AA Part 4 4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar.) 4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar.) FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit