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 Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Units Acquired at Cost 150 units @ $52.00 per unit 250 units @ $57.00 per unit 110 units @ $62.00 per unit 200 units @ $64.00 per unit 310 units @ $87.00 per unit 180 units @ $97.00 per unit 490 units Totals 710 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 90 units from beginning inventory, 220 units from the March 5 purchase, 70 units from the March 18 purchase, and 110 units from the March 25 purchase. Perpetual Perpetual Weighted FIFO LIFO Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Cost of Goods Sold Cost Cost of Goods Sold Goods Purchased Cost # of units Date # of units sold Inventory Balance Cost # of units Inventory Balance 150 at $ 52.00 = $ 7,800.00 per unit per unit per unit March 1 March 5 Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals $ 0.00 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using LIFO. Date Goods Purchased Cost # of units per unit Perpetual LIFO: Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold Inventory Balance # of units Cost Inventory per unit Balance 150 at $ 52.00 - $ 7,800.00 March 1 March 5 Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total 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: Cost of Goods Sold Cost of Goods Cost per unit Sold Goods Purchased # of units unit Date Cost per # of units sold # of units Inventory Balance Cost per unit Inventory Balance $ 52.00 = $ 7,800.00 March 1 150 at March 5 Average March 5 March 9 March 18 Average March 18 March 25 Average March 25 March 29 Totals $ 0.00 Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 90 units from beginning inventory, 220 units from the March 5 purchase, 70 units from the March 18 purchase, and 110 units from the March 25 purchase. Specific Identification: Goods Purchased Cost of Goods Sold Inventory_Balance Date Cost per Cost per # of units # of units sold # of units Goods Puchased = $ 7,800 unit Cost per unit Cost of Goods Sold $ 0.00 unit Inventory Balance $ 0.00 150 at at at $ 52.00 = 250 at at March 1 March 5 March 18 March 25 Totals at $ 52.00 $ 57.00 $ 62.00 $ 64.00 $ 52.00 $ 57.00 $ 62.00 14,250 6,820 $ 12,800 110 at at 0.00 at $ 57.00 = $ 62.00 = $ 64.00 = 0.00 200 at at $ 64.00 at $ 0.001 $ 0.00
