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 250 units@ $54.00 per unit 300 units @ $59.00 per unit 410 units@ $89.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 160 units @ $64.00 per unit 300 units @ $66.00 per unit 280 units @ $99.00 per unit 690 units 1,010 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 140 units from beginning inventory and 270 units from the March 5 purchase; the March 29 sale consisted of 120 units from the March 18 purchase and 160 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 # of Cost per unit Cost of Goods Sold Cost per cost of Goods Sold Date # of units sold Inventory Balance Cost per # of units Inventory unit Balance 250 @ $ 54.00 = $ 13,500.00 units unit March 1 March 5 March 9 Required information Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased # of Cost per # of units units unit sold Cost of Goods Sold Cost per Cost of Goods Sold unit Date Inventory Balance Cost per Inventory # of units unit Balance 250 @ $ 54.00 = $ 13,500.00 March 1 March 5 March 9 March 18 March 25 March 29 Totals $ CA 0.00 Perpetual FIFO Perpetual LIFO > Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: Goods Purchased # of Cost per units unit # of units sold Cost of Goods Sold Cost per Cost of Goods Sold unit Date March 1 Inventory Balance Cost per Inventory # of units unit Balance 250 @ $ 54.00 = $ 13,500.00 March 5 March 9 March 18 March 25 March 29 Totals $ 0.00 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 weighted average. (Round your average cost per unit to 2 decimal places.) Inventory Balance Weighted Average Perpetual: Goods Purchased # of Date Cost per # of units units unit sold March 1 March 5 Cost of Goods Sold Cost per Cost of Goods Sold unit Cost per # of units unit Inventory Balance $ 54.00 = $ 13,500.00 250 @ Average March 9 March 18 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, the March 9 sale consisted of 140 units from beginning inventory and 270 units from the March 5 purchase; the March 29 sale consisted of 120 units from the March 18 purchase and 160 units from the March 25 purchase. Inventory Balance Specific Identification: Goods Purchased Date # of units unit March 1 Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Cost per # of units Inventory Balance unit $ 54.00 = $ 13,500.00 250 @ March 5 March 9 March 18 March 25 March 29 Totals $ 0.00
