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 60 units @ $50.20 per unit 205 units @ $55.20 per unit 220 units @ $85.20 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 65 units @ $60.20 per unit 110 units @ $62.20 per unit 90 units@ $95.20 per unit 310 units 440 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 45 units from beginning inventory and 175 units from the March 5 purchase; the March 29 sale consisted of 25 units from the March 18 purchase and 65 units from the March 25 purchase. Perpetual FIFO Perpetual LIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold # of Cost per unit # of units sold cost per cost of Goode sold Cost per Cost of Goods Sold unit os units Date March 1 Inventory Balance fit Cost per Inventory # of units unit Balance 60 @ $ 50.20 = $ 3,012.00 60 @ $ 50.20 = $ 3,012.00 205 @ $55.20 = 11,316.00 $ 14,328.00 March 5 205 @ $55.20 March 9 $ 60 @ 160 @ $ 50.20 $ 55.20 = = 3,012.00 8,832.00 11,844.00 @ @ $ 50.20 $ 55.20 $ March 18 65 @ $60.20 @ @ @ $ 50.20 $ 55.20 $60.20 March 25 110 @ $62.20 @ @ @ @ $50.20 $55.20 $60.20 $ 62.20 March 29 Totals $ 11,844.00 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 # of units Cost per t e sold unit Cost of Goods Sold Date Inventory Balance # of units Cost per Inventory unit Balance 60 @ $ 50.20 = $ 3,012.00 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 # of units Date Cost of Goods Sold # of units Cost per er Cost of Goods Sold sold unit Cost per unit Inventory Balance # of units cost per Inventory Balance 60 @ $50.20 = $ 3,012.00 March 1 March 5 Average March 9 March 18 Average March 25 March 29 Totals 0.00 Perpetual LIFO Specific Id > 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 45 units from beginning inventory and 175 units from the March 5 purchase; the March 29 sale consisted of 25 units from the March 18 purchase and 65 units from the March 25 purchase. 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 Inventory Balance # of units Cost per Inventory Balance 60 @ $ 50.20 = $ 3,012.00 March 5 March 9 March 18 March 25 March 29 Totals 0.00
