! Required information (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 230 units @ $53.60 per unit 290 units @ $58.60 per unit Date March 1 March 5 March 9 March 18 March 25 March 29 390 units @ $88.60 per unit Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 150 units @ $63.60 per unit 280 units @ $65.60 per unit 260 units @ $98.60 per unit 650 units 950 units 3. Compute the cost assigned to ending inventory using FIFO, (b) LIFO, (C) weighted average, and (d) specific identification. For specific identification, units sold include 130 units from beginning inventory, 260 units from the March 5 purchase, 110 units from the March 18 purchase, and 150 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. Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Cost of Goods Sold Date Goods Purchased Cost per # of units unit # of units sold Cost per Cost of Goods Sold Inventory Balance Cost per Inventory # of units unit Balance 230 at $ 53.60 $ 12,328.00 unit March 1 290 at $ 58.60 at March 5 230 290 $ 53.60 = $ 58.60 = at $ 12,328.00 16,994.00 $ 29,322.00 Total March 5 230 at $ 53.60 $ at March 9 $ 53.60 $ 58.60 160 at $ 58.60 12,328.00 9,376.00 21,704.00 = at Total March 9 $ 150 at $ 63.60 at $ 53.60 March 18 at $ 58.60 $ 63.60 at Total March 18 280 at $ 65.60 at $ 53.60 8.60 at March 25 at $ 63.60 at $ 65.60 Total March 25 March 29 Total March 29 Totals $ 21,704.00 Compute the cost assigned to ending inventory using LIFO. Goods Purchased # of units Cost per unit Date Perpetual LIFO: Cost of Goods Sold # of units Cost per cost of Goods Sold sold unit Cost per Inventory Balance Inventory # of units unit Balance 230 at $ 53.60 $ 12,328.00 March 1 March 5 Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total 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 weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Cost of Goods Sold Inventory Balance Date Goods Purchased Cost per # of units unit Cost per # of units sold Cost per unit Cost of Goods Sold # of units unit Inventory Balance 53.60 = $ 12,328.00 March 1 230 at $ March 5 Average March 5 March 9 March 18 Average March 18 March 25 Average March 25 March 29 Totals $ 0.00
