! 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 100 units @ $50 per unit 400 units @ $55 per unit Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales 420 units @ $85 per unit 120 units 200 units @ $60 per unit @ $62 per unit 160 units 580 units @ $95 per unit Totals 820 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (C) weighted average, and (d) specific identification. For specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Date Goods Purchased Cost # of units per unit # of units sold Cost of Goods Sold Cost Cost of Goods per Sold unit Inventory Balance Cost Inventory # of units per Balance unit $ at $ 5,000.00 50.00 March 1 100 - 400 at 100 at 11 $ 5,000.00 55.00 March 5 $ 50.00 $ 55.00 400 at = 22,000.00 Total March 5 $ 27,000.00 60 X at $ 3,000.00 80 X at $ 4,000.00 March 9 $ 50.00 $ 55.00 $ 50.00 $ 55.00 72,000 X at 3,960,000.00 80 at 4,400.00 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Date Goods Purchased Cost # of units per unit Cost of Goods Sold Cost Cost of Goods per Sold unit Inventory Balance Cost Inventory per Balance # of units sold # of units unit March 1 100 at $ 50.00 - $ 5,000.00 400 at $ 55.00 100 at $ 5,000.00 March 5 S 50.00 S 55.00 400 at 22,000.00 Total March 5 $ 27,000.00 100 at = $ 5,000.00 0 at March 9 $ 50.00 $ 55.00 S 50.00 S 55.00 320 > at 17,600.00 80 at 4,400.00 Total March 9 $ 22,600.00 $ 4,400.00 120 $ 60.00 > 80 at - $ 4,000.00 S 50.00 S 55.00 March 18 120 at = 6,600.00 120 at $ 60.00 80 X at = $ 4,000.00 50.00 March 18 120 at $ 55.00 - 6,600.00 120 at 7,200.00 60.00 Total March 18 17,800.00 200 at $ 62.00 > 120 at $ 50.00 $ 6,000.00 80 at = 4,400.00 March 25 55.00 S 60.00 120 at - 7,200.00 200 at 62.00 12,400.00 Total March 25 $ 30,000.00 5 160 X at - $ 8,000.00 80 at - $ 4,000.00 40 X at 2,200.00 20 at - 1,100.00 March 29 $ 50.00 $ 55.00 $ 60.00 $ 62.00 S 50.00 S 55.00 S 60.00 S 62.00 40 X at 2,400.00 40 at 2,400.00 200 X at 12,400.00 240 at 14,880.00 Total March 29 $ 25,000.00 $ 22,380.00 $ 22,380.00 Totals $ 47,600.00 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: Cost of Goods Sold Cost Cost of Goods per Sold unit Goods Purchased Cost # of units per unit Date # of units sold # of units Inventory Balance Cost per Inventory Balance unit $ S 50.00 5,000.00 March 1 100 at - 400 at 22000 at $ 1,100,000.00 55.00 March 5 $ 50.00 $ 55.00 at Total March 5 S 1,100,000.00 420 at $ 21,000.00 80 > at S 4,000.00 March 9 $ 50.00 $ 55.00 $ 50.00 $ 55.00 at - 0.00 at Total March 9 $ 21,000.00 IS 4,000.00 120 at 7200 X at 60.00 $ 360,000.00 $ 50.00 $ 55.00 March 18 at March 18 at $ 55.00 $ 60.00 at Total March 18 $360,000.00 200 at 12400 X at $ 50.00 - $ 620,000.00 62.00 at 55.00 March 25 at 60.00 at 62.00 Total March 25 $ 620,000.00 160 X at - $ 8.000.00 80 at - $ 4,000.00 $ 50.00 $ 55.00 $ 60.00 50.00 $ 55.00 at 0.00 120 at - 6,600.00 March 29 at - 0.00 40 X at - 60.00 2,400.00 at 0.00 at 62.00 62.00 Total March 29 $ 8,000.00 $ 13,000.00 Totals $ 29,000.00 $ 13,000.00 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 Date Goods Purchased Cost # of units per unit # of units sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost Inventory per Balance unit $50.00 $ 5,000.00 March 1 100 at 400 at $ 55.00 100 at = $ 5,000.00 March 5 $50.00 $ 55.00 at Average March 5 100 at $ 5,000.00 March 9 420 at $ 54.00 $ 22,680.00 80 at $ 54.00 $ 4,320.00 120 at $ 60.00 80 at $ 4,320.00 March 18 $54.00 $ 60.00 at Average March 18 80 at $ 4,320.00 $ 200 at 662.00 200 March 25 Average March 18 80 at $ 4,320.00 200 at $ 662.00 200 March 25 200 > at - 132,400.00 662.00 Average March 25 400 at $ 132,400.00 March 29 160 at $ 59.80 $ 9,568.00 240 at $ 59.80 = $ 14,352.00 Totals 32,248.00 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. Specific Identification: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit Goods Puchased # of units sold Cost of Goods Sold # of units Inventory Balance Cost per unit $ 50.00 Cost per unit $ 50.00 March 1 100 at - $ 5,000 80 at $ 4,000.00 100 at - $ 5,000.00 50.00 March 5 400 at 22,000 340 at - 55.00 100 X at 18,700.00 55.00 5,500.00 55.00 120 at - 7,200 40 at 400 X at 2,400.00 24,000.00 60.00 60.00 60.00 March 18 March 25 200 at 120 at 20 X at 62.00 7,440.00 1,240.00 12,400 62.00 62.00 Totals $32,540.00 $ 35,740.00