! 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 60 units @ $50.20 per unit 205 units @ $55.20 per unit Date March 1 March 5 March 9 March 18 March 25 March 29 220 units @ $85.20 per unit Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 65 units 110 units @ $60.20 per unit @ $62.20 per unit 90 units @ $95.20 per unit 310 units 440 units 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 Goods Available # of units for Sale Unit 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. (6) LIFO. (c) weighted average, and (c) specific identification. For specific identification, units sold include 45 units from beginning inventory, 175 units from the March 5 purchase. 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 LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO Cost of Goods Sold Cost Cost of Goods Sold per unit Goods Purchased # of units Cost per unit Date # of units sold Inventory Balance Cost Inventory # of units per unit Balance 60 at $ 50.20 = $ 3,012.00 March 1 March 5 Total March 5 March Total March March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals S 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 LIFO. Goods Purchased Perpetual LIFO: Cost of Goods Sold # of units Cost Cost of Goods Sold sold Date # of units Cost per unit Inventory Balance Cost # of units Inventory per unit Balance 60 at $50.20 = $ 3,012.00 per unit 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 S 0.00 Perpetual FIFO Weighted Average > 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 Date Cost #of units # of units Cost per Cost per unit Cost of Goods Sold sold # of units unit Inventory Balance March 1 60 at $ 50.20 = S 3,012.00 per unit March 5 Average March 5 March March 18 Average March 18 March 25 Average March 25 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 specific identification. For specific identification, units sold include 45 units from beginning inventory, 175 units from the March 5 purchase, 25 units from the March 18 purchase, and 65 units from the March 25 purchase. Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory Date Cost of Goods # of units Cost per # of units Cost per Cost of Available for Cost per Ending # of units unit Sale Inventory inventory March 1 $ 0.00 0 0.00 $ March 5 0.00 March 18 0.00 March 25 0.00 Total sold unit Goods Sold in ending unit S 0 S S 0 0 0 0.00 0 0 0 0.00 0 0 0 S 0 0 S 0 0 S 0
