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Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases
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 March 1 Beginning inventory 160 units March 5 Purchase March 9 Sales March 18 Purchase 115 units March 25 March 29 Purchase 255 units $52.20 per unit @ $57.20 per unit @ $62.20 per unit 210 units $64.20 per unit 320 units $87.20 per unit Units Sold at Retail Sales Totals 740 units 190 units 510 units @ $97.20 per unit 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 95 units from beginning inventory, 225 units from the March 5 purchase, 75 units from the March 18 purchase, and 115 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual Perpetual Weighted Specific FIFO LIFO Average Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date Cost # of units per unit # of units sold Cost per unit Cost Cost of Goods Sold # of units per Inventory Balance unit $ March 1 160 at = 52.20 $ 8,352.00 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
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