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 Date Activities Units Aequired at Coat Units sold at Retail Mar. 1 Beginning inventory 100 units @ $67.00 per unit Mar. S Purchase 400 units $72.00 per unit Mar. 9 Sales 420 units $102.00 por unit Mar. 1 Durchase 120 units $77.00 per unit Mar. 25 Purchase 200 units $79.00 per unit Mar. 29 Sales 160 units $112.00 per unit Totals 820 units 580 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (O) 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. Compute the cost assigned to ending Inventory using FIFO. Perpetual FIFO: Goods Purchased #of Cost per units unit Cost of Goods Sold Cost per Cost of Goods Sold unit # of units sold Dato March 1 Inventory Balance Cost per # of units Inventory unit Balance 100 @ $67.00 = $ 6,700.00 100 @ $ 67.00 - $ 6,700.00 320) @ $72.00 - 23,040.00 $ 29,740.00 March 5 400 @ $72.00 March 9 $ $ 4,489.00 100 @ 320 @ $ 67.00 $ 72.00 6,700.00 23,040.00 29,740.00 67 m @ $ 67,00 $ 72.00 $ $ 4,489.00 March 18 120 @ $77.00 92401 @ $67.00 - $ 619,080.00 BB $72.00 $77.00 $ 619,080.00 March 25 200 @ $79.00 15800 @ $ 67,00 $ 1,058,600.00 @ $ 72.00 $77.00 $ 79,00 @ D.RU AMRI Required information a $72.00 $77.00 @ $ 619,080.00 $ 1,058,600.00 March 25 200 @ $ 79.00 15800 @ $ 67.00 - $ 72.00 $77.00 $ 79,00 @ $ 1,058,600.00 March 29 $ @ 80 @ @ 0.00 5,760.00 $67.00 $72.00 $77.00 $79.00 @ 80 @ 80 @ $ 67.00 $72.00 = $ 77.00 = $79.00 - 5,760.00 6,160.00 0.00 $ 0.00 5,760.00 35,500.00 $ 11,920.00 $ 11,920.00 Totals $ Perpetual LIFO: Cost of Goods Sold Goods Purchased # of Cost per units unit Cost per Date # of units sold unit Cost of Goods Sold Inventory Balance Cost per Inventory # of units unit Balance 100 @ $ 67.00 = $ 6,700.00 March 1 March 5 March 9 March 18 March 25 March 29 Totals 0.001 9 3 Wolghted Average Perpetual: Goods Purchased #of Dato units unit March 1 Cost per Cost of Goods Sold # of units sold Cost of Goods Sold unit Cost per Inventory Balance Cost per # of units Inventory Balance unit 100 a $ 67.00 = $ 6,700.00 March 5 Average March 9 March 18 Average March 25 March 29 Totals S 0.00 Required information Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Cost per Dato Inventory Balance # of units unit Inventory Balance 100 @ $ 67.00 = $ 6,700.00 March 1 March 5 March 9 March 18 March 25 March 29 + Totals $ 0.00 Weighted Average
