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 Acquired at Cost

Units Sold at Retail

Mar.

1

Beginning inventory

230

units

@ $53.60 per unit

Mar.

5

Purchase

290

units

@ $58.60 per unit

Mar.

9

Sales

390

units

@ $88.60 per unit

Mar.

18

Purchase

150

units

@ $63.60 per unit

Mar.

25

Purchase

280

units

@ $65.60 per unit

Mar.

29

Sales

260

units

@ $98.60 per unit

Totals

950

units

650

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 130 units from beginning inventory and 260 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 150 units from the March 25 purchase.

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 Activities Beginning inventory Units Acquired at Cost 230 units $53.60 per unit 290 units $58.60 per unit Units Sold at Retail Date Mar. 1 Mar. 5 Purchase Mar 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 390 units $88.60 per unit 150 units e $63.60 per unit 280 units $65.60 per unit 260 units $98.60 per unit 650 units Totals 950 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 130 units from beginning inventory and 260 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 150 units from the March 25 purchase Required information Weighted Average Perpetual FIFO Perpetual LIFO Specific Id Compute the cost assigned to ending inventory using IFO Perpetual LIFO Goods Purchased Cost of Goods Sold Inventory Balance #of units Cost per unit # of units sold Cost per unit Cost of Goods Sold Cost perInventory Balance Date # of units unit March 1 23053.608 o March 5 March 9 March 18 March 25 March 29 Totals Perpetual FIFO Weighted Average> Complete this questions by entering your answers in the below tabs. Weighted Average Specific Id Perpetual FIFO Perpetual LIFO 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 Goods Purchased #of units Inventory Balance Cost per | unit # of units sold Cost per unit Cost of Goods Sold Cost per Inventory Balance Date #of units unit March 1 230 $53.60$12,328.00 March 5 Average March 9 March 18 Average March 25 March 29 Totals Perpetual LIFO Specific ld Required information Weighted Average Perpetual FIFO Perpetual LIFO Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 130 units from beginning inventory and 260 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 150 units from the March 25 purchase Specific ldentification: Goods Purchased Cost of Goods Sold Inventory Balance #of units Cost per unit # of units sold Cost per unit #Of units Cost per Inventory unit Cost of Goods Date Balance March 1 $ 53.6012,328.00 March 5 March 9 March 18 March 25 March 29