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 @ $53.50 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 @ $98.68 per unit 650 units 950 units 3. Compute the cost assigned to ending Inventory using (a) FIFO, (D) LIFO, () 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 Perpetual FIFO Perpetual LIFO Weighted Average Specific id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Cost of Goods Sold Date Goods Purchased Cost per # of units unit Cost per # of units sold Cost of Goods Sold Inventory Balance Cost per Inventory # of units unit Balance 230 at $ 53.60 S 12,328.00 unit March 1 = 290 at $ 58.60 = March 5 230 at 290 at $ 53.60 $ 58.80 = $ 12,328.00 16,994.00 $ 29,322.00 Total March 5 = $ at March 9 230 at 160 at S 53.60 S 58.60 12.328.00 9.376.00 21,704.00 $ 53.60 $ 58.60 = = 130 at 7,618.00 $ 7,618.00 Total March 9 $ 150| at $ 63.60 at March 18 130 at S 53.60 $ 58.60 = $ 63.60 = 150 at 7,618.00 9.540.00 $ 17,158.00 Total March 18 280l at $ 65.60 $ 53.60 = 130 at 150 at $ 58.60 = March 25 $ 6,968.00 8.790.00 17,808.00 280 at = $ 63.60 $ 85.00 at Total March 25 $ 33,566.00 at s at $ 53.60 130 at = at March 29 S 53.60 S 58.60 S 63.60 $65.60 0.00 7.618.00 10.176.00 0.00 = 160 at at 20 at 280 at $ 58.60 $ 63.60 $ 65.60 = 1,272.00 18,368.00 $ 19,640.00 Total March 20 S 17,794.00 Totals $ 39,498.00 $ 19,640.00 Perpetual FIFO Perpetual LIFO > Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: Cost of Goods Sold Date Goods Purchased Cost per # of units unit # of units sold Cost per unit Cost of Goods Sold Inventory Balance Cost per Inventory # of units unit Balance 230 at S 53.60 = $ 12,328.00 March 1 March 5 Total March 5 March Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals S 0.00 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: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units # of units Cost per unit cost of Goods Sold Cost per # of units Inventory Balance Cost per unit sold unit March 1 230 at $ 53.60 = s 12,328.00 290 at $ 58.60 at s 53.80 March 5 at s 58.80 Average March 5 March 9 390 ats 88.60 = $ 34,554.00 at 150 at $ 83.60 0 March 18 at 63.80 Average March 18 0 280 at $ 65.60 March 25 at $ 65.60 Average March 25 0 March 29 Totals $ 34,554.00 Perpetual Firo Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 130 units from beginning inventory, 250 units from the March 5 purchase, 110 units From the March 18 purchase, and 150 units from the March 25 purchase. Specific Identification: Date per unit sold per unit Goods Purchased Cost Goods # of units Puchased 230 at S53.60 $ 12.328 290 at $ 58.60 16.994 $63.60 9,540 280 at S 65.60 $ 18,368 = = Cost of Goods Sold # of units Cost Cost of Goods Sold 130 at S53.60 S 6.988.00 260 at S 58.60 15.238.00 110 at $63.60 6,998.00 150 at $ 65,60 9.840.00 $ 39,040.00 March 1 March 5 March 18 March 25 Totals Inventory Balance # of units Cost Inventory per unit Balance 100 at S53.80 = S 5,380.00 30 at S 58.60 = 1,758.00 40 at $63.60 = 2,544.00 130 at $ 65.80 = 8,528.00 $ 18,190.00 = = 150 at = =
