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 150 units @ $52.00 per unit 250 units @ $57.00 per unit Date March 1 March 5 March 9 March 18 March 25 March 29 310 units @ $87.00 per unit Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 110 units 200 units @ $62.00 per unit @ $64.00 per unit 180 units @ $97.00 per unit 490 units 710 units 3. Compute the cost assigned to ending inventory using (a). FIFO, (b) LIFO, (C) weighted average, and (c) specific identification. For specific identification, units sold include 90 units from beginning inventory, 220 units from the March 5 purchase, 70 units from the March 18 purchase, and 110 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 FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date Cost per Cost per Cost per # of units # of units sold Cost of Goods Sold Inventory Balance # of units Inventory unit Balance 150 at $ 52.00 = $ 7,800.00 unit unit March 1 250 at $ 57.00 at March 5 $ 52.00 $ 57.00 at Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals $ 0.00 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: Cost of Goods Sold Date Goods Purchased Cost per # of units unit Cost per Cost per # of units sold Cost of Goods Sold unit Inventory Balance Inventory # of units unit Balance 150 at $ 52.00 = $ 7,800.00 March 1 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 $ 0.00 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Cost of Goods Sold Inventory Balance Date Goods Purchased Cost per # of units unit Cost per # of units sold Cost per unit Cost of Goods Sold # of units Inventory Balance unit March 1 150 at $ 52.00 = $ 7,800.00 250 March 5 400 Average March 5 650 at March 9 March 18 Average March 18 March 25 Average March 25 March 29 Totals $ 0.00 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 90 units from beginning units from the March 5 purchase, 70 units from the March 18 purchase, and 110 units from the March 25 purchase. Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory Date Cost per Cost per # of units Cost of Goods # of units Available for sold Sale $ 0 0 Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory unit unit March 1 90 $ 0.00 $ 0 $ 0.00 $ March 5 220 57.00 12,540 57.00 0 57.00 0 March 18 0 0.00 0 0.00 March 25 0 0.00 Total 310 $ 12,540 0 $ 0 0 $ 0
