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 Cont Units sold at Retail March 1 Beginning inventory 100 units $50 per unit March 5 Purchase 400 units e$55 per unit March Sales 420 unit: s8 per Sanit March 18 Purchase 120 units $60 per unit March 25 Purchase 200 units e $62 per unit March 29 Sales 160 units 595 per unit Totals 820 units 580 units For 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (a weighted average, and (d) specific identific specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 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 thernet cinnattnandinn Inuentru tein ETEN Goods Purchased Perpetual FIFO: Cost of Goods Sold Cost per Cost of Goods Sold unit Date Cost per of units sold Inventory Balance #of units Cost per unit Inventory Balance 100 at $ 50.00= $ 5,000.00 # of units unit March 1 400 at $ 55.00 at at $ 50.00 $ 55.00 March 5 Total March 5 March 9 Total March 9 120 at $ 60.00 March 18 at $ 60.00 Total March 18 200 ot $ 62.00 March 25 at $ 60.00 $ 6200 at Total March 25 March 29 Perpetual LIFO Cost of Goods Sold Inventory Balance Cost per Date Goods Purchased of units Cost per unit Cost per # of units sold Cost of Goods Sold #of units unit unit Inventory Balance $ 50.00 = $ 5,000.00 100 at March 1 March 5 Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Goods Purchased Inventory Balance Weighted Average Perpetual: Cost of Goods Sold # of units Cost per Cost of Goods Sold sold unit Date Cost per Cost per #of units # of units unit unit Inventory Balance $ 50,00 - $ 5,000.00 March 1 100 at March 5 Average March 5 March March 18 Average March 18 March 25 Average March 25 March 29 Totals 0.00 Weighted Perpetual FIFO Perpetual LIFO Average Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 80 units from beginning units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory Dato Cost of Goods # of units Cost per # of units Cost of Cost per Ending of units in ending Available for unit sold unit Sale unit Goods Sold Inventory Inventory March 1 $ $ 0.00 $ 0 $ 0.00 $ 0 March 5 6 0.00 0 0.00 0 March 18 0 0.00 0 0.00 March 25 0 0.00 Total $ 0 0 $ 0 O $ 0 Cost per 0 0 0
