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 Acquired at Cost 110 units $51.20 per unit 230 units $56.20 per unit Units Sold at Retail Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 270 units e $86.20 per unit 90 units $61.20 per unit 160 units e $63.20 per unit 140 units 410 units $96.20 per unit 590 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 70 units from beginning inventory and 200 units from the March 5 purchase; the March 29 sale consisted of 50 units from the March 18 purchase and 90 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: Goods Purchased Cost of Goods Sold Inventory Balance Required information Perpetual FIFO: Goods Purchased Cost per units unit Date of Cost of Goods Sold Cost per unit Cost of Goods Sold # of units sold est of Goods Sold Inventory Balance #of units Cost per Inventory of units unit 110 @ $ 51.20 - $ 5,632.00 March 1 March 5 2 30 @ $56.00 110 @ @ $51.20 $ 56.00 - 230 $ 5,632.00 12,880.00 $ 18,512.00 March 9 - $ 70 @ 2001 @ $51.20 $56.00 3,584.00 11.200.00 14,784.00 $ 51.20 $ 56.00 @ $ March 18 90 @ $61.00 @ @ @ $ 51,20 $56.00 $61.00 March 25 160 @ $63.20 @ @ @ @ $51.20 $56.00 $61.00 $63.20 March 29 March 18 90 @ $61.00 @ @ @ $51.20 $ 56.00 $61.00 March 25 160 @ $63.20 @ $51.20 $56.00 $61.00 $63.20 @ @ March 29 + $ 14,784.00 Totals Perpetual FIFO Perpetual LIFO > Required information Date Date #of units Cost per unit # of units nits sold Cost per conto Cost per Cost of Goods Sold de sold unit March 1 out of units of units 110 @ cost per unit $51.20 - Inventory Balance $ 5,632.00 March 5 March 9 March 18 March 25 March 29 Totals 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 Date # of Cost per units unit March 1 # of units sold Cost of Goods Sold Cost per cost unit Cost of Goods Sold Inventory Balance # of units cost per Inventory Balance 110 @ $51.20 - $ 5,632.00 unit March 5 Average March 9 March 18 Average March 25 March 29 Totals $ 0.00 Compute the cost assigned to ending Inventory using specific identification. For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 200 units from the March 5 purchase; the March 29 sale consisted of 50 units from the March 18 purchase and 90 units from the March 25 purchase. Specific Identification Goods Purchased Date of Cost per Cost of Goods Sold # of units Cost per Cost of Goods its entory Balance cost per Inventory Balance March 5 March 9 March 29 Next >
