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 60 units@ $50. 20 per unit 205 units $55.20 per unit Units Sold at Retail Mar Mar Mar Mar Mar Mar 1 Beginning inventory 5 Purchase 220 units $85.20 per unit 9 Sales 65 units$60.20 per unit 110 units $62. 20 per unit 18 Purchase 25 Purchase 90 units@ $95. 20 per unit 29 Sales 440 units 310 units Totals 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. Complete this question by entering your answers in the tabs below. Weighted Average Perpetual FIFO Perpetual LIFO Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Cost of Goods Sold Goods Purchased Inventory Balance Cost per unit Cost per unit Cost per unit #of units #of units sold Inventory Balance #of units Date Cost of Goods Sold March 1 $ 3,012.00 60 $50.20 March 5 205 $55.20 $50.20 $55.20 March 9 March 18 March 25 March 29 Totals 0.00 Weighted Average Perpetual FIFO Perpetual LIFO Specific Id Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Cost per unit Cost per Cost of Goods Sold unit Cost per unit #of units #of units sold Inventory Balance Date #of units March 1 60@ $ 3,012.00 $50.20 March 5 March 9 March 18 March 25 March 29 Totals 0.00 Weighted Average Perpetual FIFO Perpetual LIFO 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 Cost per unit Cost per Cost of Goods Sold unit #of units #of units Cost per Inventory Balance unit Date #of units sold March 1 60@ $50.20 $ 3,012.00 March 5 Average March 9 March 18 Average March 25 March 29 Totals 0.00 Weighted Average Perpetual FIFO Perpetual LIFO 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 Cost of Goods Sold Inventory Balance Cost per Inventory Balance unit #of units Cost per unit Cost of Goods Sold of units sold Cost per unit #of units Date March 1 $50.20 3,012.00 60 March 5 March 9 March 18 March 25 March 29 Totals 0.00 $
