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 transaction 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 60 units @ $50.20 per unit 205 units e $55.20 per unit 65 units & $60.20 per unit 110 units @ $62.20 per unit 220 units @ $85.20 per unit 90 unitse $95.20 per unit 310 units 440 unita 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 per Cost of Goods # of units Unit Available for Sale 60 $ 50.20 $ 3,012 Beginning inventory Purchases: March 5 March 18 March 25 205 65 110 440 55.20 60.20 62.20 11,316 3,913 6,842 25,083 Total $ Prey 1 2 3 4 of 8 !!! Next 2. Compute the number of units in ending inventory. Ending Inventory 130 units 3. Compute the cost assigned to ending inventory using (2) FIFO, () 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. Perpetual Firo Perpetual Liro Weighted Average Specifica Compute the cost assigned to ending inventory using Firo. Perpetual FIFO: Gooda Purchased Cost of Goods Sold Date of Cost # of units Cost Cost of Goods Sold per unit March 1 write sold per unit Inventory Balance Cost of units Inventory per unit Balance 00 $50.20 $ 3,012.00 60 @ $50.20 $3,012.00 205 $55.20 11,310.00 $ 14,328.00 March 5 205 $55.20 March 60 @ 100 $50.20 $55.20 $ 3,012.00 8.832.00 $11.844.00 45 65 $50.20 $56.20- . $ 2,259.00 3,588.00 $5,047.00 March 16 65 @ 500.20 45 65 110 $50.20 $55.20 - 560.20- 5 2.259.00 3,688.00 0,622.00 $ 12,469.00 March 25 110 $62.20 45 45 66 110 @ $50.20 - $65.20 - $60.20 562.20 - 5 2.259.00 2.48.00 3.913.00 6,542.00 $ 16,496.00 March 20 3 20 $ 1,004.00 45 450 90 $50,20 55520 $60.20 302.20 2.250,00 2,484.00 5.418.00 0.00 10.161.00 22.005.00 $50.20 $55.20 $60.20- 6220 20 1100 1,204.00 6,842 00 $9050.00 $ 9,000.00 $ 5 Total Perpetual LIFO) 3. Compute the cost assigned to ending inventory using (a) FIFO. (D) LIFO, (c) weighted average, and (d) specific identificazion. For specific identification, the March 9 sale consisted of 45 units from beginning inventory and 175 units from the March 5 pujchase; 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. Perpetual FIFO perpetual UFO Weighted Average Specific Id Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO Goods Purchased Cost of Goods Sold of Date Cost of units Cost per unit sold per unit Cost of Goods Sold March 1 Inventary Balance Cont of units Inventory per unit Balance 60 @ $50 20- $3,012.00 March 5 March March 18 March 25 March 29 Total 5 0.00 4. Compute gross profit earned by the company for each of the four costing methods. 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. (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. 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 2. Compute the number of units in ending inventory. Ending inventory units 3. Compute the cost assigned to ending inventory using (a) FIFO. () LIFO, (c) weighted average, and (c) specific identification (Round your average cost per unit to 2 decimal places) ) Periodic FIFO Coat of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale of units sold Cost per Cost of Goods Sold Cost per un of units In ending inventory unit Ending Inventory Beginning inventory Purchases: March March 18 March 25 Total b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Coat of Cost per Goods of units unit Available for Sale of units Cost per sold Cost of Goods Sold of units In ending Inventory Cost per unit Ending Inventory Beginning inventory Purchases: March 5 March 18 March 25 Total 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 Unit Cost of Goods Sold of units Average In ending Cost per Inventory unit Ending Inventory Beginning inventory Purchases March 5 March 18 March 25 Total dj Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending inventory of units Cost per Cost of Goods Available for Sale # of units Cost per cold un unit Cost of Goods Sold of units In ending Inventory Cost per unit Ending Inventory Beginning inventory Purchases: March 5 March 18 March 25 Total 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 1. Compute cost of goods available for sale and the number of units available for sale. Cost per Cost of Goods Avallable for Sale Cost of Goods # of units Unit Available for Sale 60 $ 50.20 $ 3,012 Beginning inventory Purchases: March 5 205 55.20 65 March 18 March 25 Total 60.20 62.20 11,316 3,913 6,842 25,083 110 440 $