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 140 units $51.80 per unit 245 units $56.80 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 300 units $86.80 per unit 105 units & $61.80 per unit 190 units $63.80 per unit 170 units $96.80 per unit 470 units Totals 680 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 85 units from beginning inventory and 215 units from the March 5 purchase; the March 29 sale consisted of 65 units from the March 18 purchase and 105 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: Goods Purchased # of Cost units per unit Cost of Goods Sold Cost Cost of Goods Sold per unit Date #of units sold Inventory Balance Cost Inventory # of units per unit Balance $51.80 $ 7,252.00 March 1 140 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 LIFO. Perpetual LIFO: Goods Purchased # of Cost units per unit Cost of Goods Sold Cost Cost of Goods Sold per unit # of units sold Date Inventory Balance Cost # of units Inventory per unit Balance 140 $51.80 - $ 7,252.00 March 1 March 5 March 9 March 18 March 25 March 29 Totals 0.00 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 85 units from beginning inventory and 215 units from the March 5 purchase; the March 29 sale consisted of 65 units from the March 18 purchase and 105 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 weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased # of Date Cost units per unit March 1 # of units sold Cost of Goods Sold Cost Cost of Goods per unit Sold Inventory Balance Cost Inventory # of units Balance 140 $51.80 - $ 7,252.00 per unit March 5 Average March 9 March 18 Average March 25 March 29 Totals 0.00 Problem 6-1A Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO. (6) LIFO. (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 85 units from beginning inventory and 215 units from the March 5 purchase; the March 29 sale consisted of 65 units from the March 18 purchase and 105 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 specific identification. For specific identification, the March 9 sale consisted of 85 units from beginning inventory and 215 units from the March 5 purchase; the March 29 sale consisted of 65 units from the March 18 purchase and 105 units from the March 25 purchase. Specific Identification: Goods Purchased # of Date Cost units per unit March 1 Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold Inventory Balance Cost # of units per unit Inventory Balance 140 | $51.80 $ 7.252.00 March 5 March 9 March 18 March 25 March 29 Totals $ 0.00
