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 150 units @ $52.00 per unit 250 units @ $57.00 per unit 310 units @ $87.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 110 units @ $62.00 per unit 200 units @ $64.00 per unit 180 units @ $97.00 per unit 490 units 710 units 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 90 units from beginning inventory and 220 units from the March 5 purchase; the March 29 sale consisted of 70 units from the March 18 purchase and 110 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 Goods Purchased Cost per units unit Date # of # of units sold Cost per unit Cost of Goods Sold Inventory Balance Cost Inventory # of units Balance 150 @ $ 52.00 = $ 7,800.00 per unit March 1 March 5 March 9 March 18 March 25 March 29 Totals Perpetual FIFO Perpetual LIFO > 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 90 units from beginning inventory and 220 units from the March 5 purchase; the March 29 sale consisted of 70 units from the March 18 purchase and 110 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 LIFO. Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold Cost Cost of Goods Sold per unit # of units sold Date Inventory Balance Cost Inventory # of units per unit Balance 150 @ $ 52.00 = $ 7,800.00 March 1 March 5 March 9 March 18 March 25 March 29 Totals 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 90 units from beginning inventory and 220 units from the March 5 purchase; the March 29 sale consisted of 70 units from the March 18 purchase and 110 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 weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased # of Cost per Date units unit March 1 Cost of Goods Sold Cost of Goods per unit Sold # of units sold Cost Inventory Balance Cost # of units per unit Inventory Balance 150 @ $ 52.00 = $ 7,800.00 March 5 Average March 9 March 18 Average March 25 March 29 Totals 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 90 units from beginning inventory and 220 units from the March 5 purchase; the March 29 sale consisted of 70 units from the March 18 purchase and 110 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 specific identification. For specific identification, the March 9 sale consisted of 90 units from beginning inventory and 220 units from the March 5 purchase; the March 29 sale consisted of 70 units from the March 18 purchase and 110 units from the March 25 purchase. Specific Identification: Goods Purchased Date # of units unit March 1 Cost per Cost of Goods Sold # of units Cost of Goods sold per unit Sold Cost Inventory Balance Cost # of units Inventory Balance per unit 150 @ $ 52.00 = $ 7,800.00 March 5 March 9 March 18 March 25 March 29 Totals
