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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 Units Sold at Retail March 1 March 5 March 9 March 18 March 25 March 29 Sales Purchase Purchase Sales Beginning inventory Purchase 130 units $51.60 per unit 240 units $56.60 per unit 290 units $86.60 per unit 100 units 180 units $61.60 per unit $63.60 per unit 160 units $96.60 per unit Totals 650 units 450 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 80 units from beginning inventory, 210 units from the March 5 purchase, 60 units from the March 18 purchase, and 100 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 LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit March 11 130 at Inventory Balance $51.60 = $ 6,708.00 240 at $51.601 1301 at $51.60- $ 6.708.00
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