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 180 units @ $52.60 per unit 265 units @ $57.60 per unit 340 units @ $87.60 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 125 units @ $62.60 per unit 230 units @ $64.60 per unit 210 units @ $97.60 per unit 550 units 800 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 105 units from beginning inventory and 235 units from the March 5 purchase; the March 29 sale consisted of 85 units from the March 18 purchase and 125 units from the March 25 purchase. Perpetual FIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold Cost per Cost of Goods Sold # of units sold Date March 1 unit March 5 256 @ $57.60 Inventory Balance # of units Cost per Inventory unit Balance 180 @ $ 52.60 = $ 9,468.00 180 @ $ 52.60 = $ 9,468.00 256 @ $ 57.60 = 14,745.60 $ 24,213.60 0 @ $ 52.60 105 @ $57.60 = 6,048.00 $ 6,048.00 March 9 $ 180 160 @ @ $ 52.60 $57.60 = = 9,468.00 9,216.00 18,684.00 $ March 18 125 @ $ 62.60 0 105 125 @ @ @ $ 52.60 $57.60 = $62.60 = 6,048.00 7,825.00 $ 13,873.00 March 25 230 @ $64.60 0 105 125 230 @ @ @ @ $ 52.60 $57.60 = $ 62.60 = $64.60 = 6,048.00 7,825.00 14,858.00 $ 28,731.00 March 29 $ 0 105 1051 @ @ $ 52.60 = $57.60 = $ 62601 = 1 0.00 6,048.00 6 573 001 0 @ 0 @ 2015 $ 52.60 $57.60 6260l = 1 1252 001 Perpetual LIFO: Goods Purchased # of Cost per units unit Date # of units sold Cost of Goods Sold Cost per cost of Goods Sold Cost per cost of unit Inventory Balance # of units Cost per Inventory unit Balance 180 @ $ 52.60 = $ 9,468.00 March 1 March 5 256 @ $57.60 180 @ 256 @ $ 52.60 = $57.60 = $ 9,468.00 14,745.60 $ 24,213.60 $ 5,523.00 March 9 $ 75 265 @ @ $ 52.60 $ 57.60 = = 3,945.00 15,264.00 19,209.00 105 0 @ @ $ 52.60 = $57.60 = || $ $ 5,523.00 March 18 125 @ $62.60 $ 5,523.00 105 o 125 @ @ @ $ 52.60 = $57.60 $ 62.60 = 7,825.00 13,348.00 $ March 25 230 @ $64.60 $ 5,523.00 105 0 125 230 @ @ @ @ $ 52.60 = $57.60 $62.60 = $64.60 7,825.00 14,858.00 $ 28,206.00 March 29 105 $ 5,523.00 o o @ @ $ 52.60 $ 57.60 = 0.00 0.00 0 @ @ $ 52.60 = $57.60 Inventory Balance Weighted Average Perpetual: Goods Purchased # of Cost per Date units unit March 1 # of units sold Cost of Goods Sold Cost per cost of Goods Sold unit # of units March 5 256 @ $ 57.60 Average March 9 340 @ $ 55.58 = $ 18,897.20 1 $ 62.60 March 18 125 @ 180 @ 180 @ 265 @ 445 @ 105 @ 105 @ 125] @ 230 @ 2301 @ 230 @ 460 @ 250 @ si per Inventory Balance unit $ 52.60 = $ 9,468.00 $ 52.60 = | $ 9,468.00 $ 57.600 = 1 15,264.00 $ 55.58 = | $ 24,732.00 $ 55.59 = $ 5,836.95 $ 55.59= $ 5,836.95 $ 62.601 = 7,825.00 $ 59.40 = $ 13,661.95 $ 59.40 = | $ 13,662.00 $ 64.60 = 14,858.00 $ 62.00 = $ 28,520.00 $ 62.00 = | $ 15,500.00 Average March 25 230 @ $ 64.60 210 @ = March 29 Totals $62.00 | $ 13,020.00 $ 31,917.20 Specific Identification: Goods Purchased Cost of Goods Sold # of Cost per # of units Cost per Cost of Goods Date units unit sold unit Sold March 1 March 5 256 @ $57.60 Inventory Balance # of units Cost per Inventory Balance unit 180 @ $ 52.60 = $ 9,468.00 180 @ $ 52.60 = $ 9,468.00 265 @ $57.60 = 15,264.00 $ 24,732.00 75 @ $ 52.60 = $ 3,945.00 30 @ $ 57.60 = $ 1,728.00 $ 5,673.00 75 @ $ 52.60 = $ 3,945.00 30 @ $57.60 = 1,728.00 125 @ $ 62.60 7,825.00 $ 13,498.00 March 9 105 235 @ @ $ 52.60 $57.60 = = $ 5,523.00 13,536.00 $ 19,059.00 March 18 125 @ $62.60 March 25 230 @ $64.60 $ 75 30 125 230 @ @ @ @ $ 52.60 = $57.60 = $ 62.60 = $64.60 = 3,945.00 1,728.00 7,825.00 14,858.00 28,356.00 $ March 29 $ $ 0 @ 0 @ 85 @ $ 52.60 $ 57.60 $62.60 = = = 0.00 0.00 5,321.00| 75 @ 3 0 @ 40 @ $ 52.60 = $57.60 = $ 62.60 = 1 3,945.00 1,728.00 2,504.00 |