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 Date Activities Units Acquired at Cost Units sold at Retail Mar. 1 Beginning inventory 70 units@ $50.40 per unit Mar. 5 Purchase 210 units@ $55.40 per unit Mar. 9 Sales 238 units @ $85.40 per unit Mar. 18 Purchase 70 units@ $60.40 per unit Mar. 25 Purchase 120 units@ $62.40 per unit Mar. 29 Sales 100 units @ $95.40 per unit Totals 470 units 338 units Problem 6-1A Part 1 Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale Cost of Goods # of units Unit Available for Sale Cost per Beginning inventory Purchases: March 5 March 18 March 25 Total Problem 6-1A Part 2 2. Compute the number of units in ending inventory. Ending inventory 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 50 units from beginning inventory and 180 units from the March 5 purchase; the March 29 sale consisted of 30 units from the March 18 purchase and 70 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 # of units Cost sold Cost of Goods Sold Date Inventory Balance # of units Cos! Inventory per unit Balance 70 @ $50.40 = $ 3,528.00 per unit March 1 March 5 March 9 + March 16 March 25 March 29 Totals 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 50 units from beginning inventory and 180 units from the March 5 purchase; the March 29 sale consisted of 30 units from the March 18 purchase and 70 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual Firo Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold of Cost # of units Dato Cost units Cost of Goods Sold sold per unit per unit March 1 + Inventory Balance Cost # of units Inventory per unit Balance 70 @ $50,40 = $ 3,528.00 March 5 March 9 March 18 March 25 March 29 Totals 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 50 units from beginning inventory and 180 units from the March 5 purchase; the March 29 sale consisted of 30 units from the March 18 purchase and 70 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 weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance of Date Cost of units Cost Cost of Goods Cost #of units Inventory units per unit sold per unit Sold por unit Balanco March 1 70 $50.40- $ 3,528.00 March 5 Average March 9 March 18 Average March 25 March 29 Totals Required information 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) UFO. (c) weighted average, and (d) specific Identification. For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 180 units from the March 5 purchase; the March 29 sale consisted of 30 units from the March 18 purchase and 70 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual Furo Perpetual loro Weighted Specific ld Average Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 180 units from the March 5 purchase the March 29 sale consisted of 30 units from the March 18 puIchase and 70 units from the March 25 purchase. Specific Identification Goods Purchased Cost of Goods Sold Inventory Balance Date of units Cost Cost of Goods Cost per unit sold Sold of units per unit Inventory Balance March 1 70 $50.40 3.528.00 March 5 of Cost per unit $ March March 18 March 25 March 29 Totals 1 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 Date Activities Units Acquired at Cost Units sold at Retail Mar. 1 Beginning inventory 70 units @ $50.40 per unit Mar. 5 Purchase 210 units @ $55.40 per unit Mar. 9 Sales 230 units @ $85.48 per unit Mar. 18 Purchase 70 units @ $60.48 per unit Mar. 25 Purchase 120 units@ $62.40 per unit Mar. 29 Sales 100 units @ $95.40 per unit Totals 470 units 330 units Problem 6-1A Part 4 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 180 units from the March 5 purchase; the March 29 sale consisted of 30 units fro the March 18 purchase and 70 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 Loss: Cost of goods sold Gross profit