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 Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 100 units @ $51.00 per unit 225 units @ $56.00 per unit 85 units @ $61.00 per unit 150 units @ $63.00 per unit 260 units @ $86.00 per unit 130 units @ $96.00 per unit 390 units 560 units 3. Compute the cost assigned to endinginventory using (a) FIFO. (b) LIFO. (c) weighted average, and (c) specific identification. For specific identification, units sold include 65 units from beginning inventory, 195 units from the March 5 purchase, 45 units from the March 18 purchase, and 85 units from the March 25 purchase. Required information Perpetual FIFO: Cost of Goods Sold Date Goods Purchased Cost per # of units unit # of units sold Cost per Inventory Balance Inventory # of units unit Balance 100 at $ 51.00 = $ 5,100.00 Cost of Goods Sold Cost per unit 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 Goods Purchased Date Perpetual LIFO: Cost of Goods Sold # of units sold unit Cost of Goods Sold Cost per # of units Cost per unit Inventory Balance Cost per Inventory # of units unit Balance 100 at $ 51.00 = $ 5,100.00 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: Goods Purchased Cost of Goods Sold Inventory Balance Date Cost per # of units # of units Cost per unit sold Cost per unit Cost of Goods Sold # of units unit Inventory Balance March 1 100 at $ 51.00 = $ 5,100.00 March 5 Average March 5 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 65 units from beginning inventory, 195 units from the March 5 purchase, 45 units from the March 18 purchase, and 85 units from the March 25 purchase. Date unit March 1 March 5 March 18 March 25 Total Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Cost per #of units of units Cost per of units Cost of Cost per Available for Ending Sale sold unit Goods Sold In ending unit Inventory Inventory $ $ 0.00 $ $ 0.00 $ 0 0 0.00 0 0.00 0 0 0.00 0 0.00 0 0 $ 0 0 $ 0 0 $ 0 000 0
