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 @ $50.00 per unit 400 units @ $55.00 per unit Date Activities Mar. 1 Beginning inventory 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar 25 Purchase Mar. 29 Sales Totals 420 units @ $85.00 per unit 120 units @ $60.00 per unit 200 units @ 562.00 per unit 160 units @ $95.00 per unit 580 units 820 units 3. Compute the cost assigned to ending Inventory using (a) FIFO. (6) LIFO. (c) weighted average, and (d) specific identification. For specific Identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase the March 29 sale consisted of 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: Goods Purchased Cost per Cost of Goods Sold Cost per Cost of Goods Sold unit # of units OK Date Inventory Balance Cost per Inventory Balance unit $ 50.00 = $ 5.000.00 # of units sold # of units unit March 1 100 March 5 es March 9 March 10 March 25 March 29 + Totals Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: Goods Purchased # of units unit Cost per Cost of Goods Sold Cost per Cost of Goods Sold unit # of units sold Date Cost per # of units Inventory Balance unit Inventory Balance $ 50.00 = S 5,000.00 March 1 100 March 5 March 9 March 18 March 18 March 25 March 29 Totals 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... Inventory Balance Weighted Average Perpetual: Goods Purchased #ol Date units unit March 1 Cost per # of units sold Cost of Goods Sold Cost per Cost of Goods Sold unit # of units Cost per Inventory Balance unit $ 50.00 = 100 $ 5,000.00 March Average March 9 March 18 Average March 25 Required information SURU March 1 100 $50.00 = $ 5,000.00 March 5 Average March 9 March 18 Average March 25 March 29 Total Perpetual LIFO Specific ld Required information erpetual 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 80 units from begi and 340 units from the March 5 purchase, the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purch *** Specific Identification Goods Purchased Date #of unit March 1 Cost per # of units sold Cost of Goods Sold Cost per Cost of Goods Sold unit Inventory Balance of units Cost per Inventory Balance unit 100 $50.00 5 5,000.00 March 5 March 9 March 18 Required information March 25 March 29 Totals
