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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 and
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 Acquired at Coat 200 units $53.00 per unit 275 units@ $58.00 per unit Units Sold at Retail Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 360 unita $80.00 per unit 135 unitse $63.00 per unit 250 unita e $65.00 per unit 860 units 230 units $98.00 per unit 590 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 115 units from beginning inventory and 245 units from the March 5 purchase; the March 29 sale consisted of 95 units from the March 18 purchase and 135 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific ld Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance
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