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 100 units @ $51.00 per unit 225 units @ $56.00 per unit 260 units @ $86.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 85 units @ $61.00 per unit 150 units @ $63.00 per unit 130 units @ $96.00 per unit 390 units 560 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale # of units Cost per Cost of Goods Available for Sale Unit Beginning inventory Purchases: March 5 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 100 units @ $51.00 per unit 225 units @ $56.00 per unit 260 units @ $86.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 85 units @ $61.00 per unit 150 units @ $63.00 per unit 130 units @ $96.00 per unit 390 units 560 units 2. Compute the number of units in ending inventory. Ending inventory units 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 100 units $51.00 per unit 225 unitse $56.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar 25 Purchase Mar. 29 Sales Totals 260 units @ $86.00 per unit 85 unitse $61.00 per unit 150 units e $63.00 per unit 560 units 130 units e $96.00 per unit 390 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 65 units from beginning inventory and 195 units from the March 5 purchase; the March 29 sale consisted of 45 units from the March 18 purchase and 85 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 [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 100 unit . $51.00 per unit 225 units 56.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 260 units $86.00 per unit 85 units e $61.00 per unit 150 units $63.00 per unit 130 units e $96.00 per unit 390 units 560 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 65 units from beginning inventory and 195 units from the March 5 purchase, the March 29 sale consisted of 45 units from the March 18 purchase and 85 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) Gross Margin FIFO LIFO Avg. Cost Spec. ID Sales Less: Cost of goods sold Gross profit
