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 Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 310 units @ $87.00 per unit 110 units @ $62.00 per unit 200 units@ $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 (d) specific identification. For specific identification, the March 9 sale consisted of 90 units from beginning inventory and 220 units from the March 5 purchase; the March 29 sale consisted of 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. Required information Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold Cost per cost of Goods Sold unit Cost of Goods Sold #of units sold Date Inventory Balance #of units of units Cost per Cost per Inventory unit Balance 150 @ $ 52.00 = $ 7,800.00 March 1 March 5 March 9 March 18 March 25 VIO Required information March 9 March 18 March 25 March 29 Totals 0.00 erpetun FIFO Perpetual LIFO > Required information Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO Goods Purchased # of units Cost per unit Cost of Goods Sold of units Cost per cost of Goods Sold sold unit COST OF Voods sold Date ces March 1 March 5 250 a $ 57.00 Inventory Balance Cost per Inventory # of units unit Balance 150 @ $52.00 - $ 7,800.00 150 @ $ 52.00 - $ 7,800.00 250 @ $57.00 - 14,250.00 $ 22,050,00 $ 52.00 - $ 4,680.00 $57.00 - $ 4,680.00 March 9 $ $ 52.00 $57.00 - - 13,000.00 3,420,00 16,420.00 $ March 18 110 @ 5 62.00 552.00 $ 57,00 $62.00 @ March 25 200 $ 64.00 @ @ @ $52.00 $57.00 $62.00 Required information March 9 90 $ 4,680.00 250 60 @ @ $ 52.00 $57.00 = = $ 13,000.00 3,420.00 $ 16,420.00 @ @ $ 52.00 = $57.00 = I $ 4,680.00 March 18 T 110 @ $ 62.00 @ @ @ $ 52.00 $57.00 $62.00 March 25 200 @ $ 64.00 @ @ @ @ $ 52.00 $57.00 $ 62.00 $64.00 March 29 180 Totals $ 16,420.00 Required information 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 Date Cost per units unit March 1 of co Cost of Goods Sold of units Cost per cost of Goods Sold sold unit COST OF DOO of units Inventory Balance $52.00 - $ 7,800.00 150 @ March 5 Average March 9 March 18 Average March 25 March 29 Totals 0.00 Required information 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 90 and 220 units from the March 5 purchase; the March 29 sale consisted of 70 units from the March 18 purchase and 110 units from the Inventory Balance Specific Identification: Goods Purchased Cost per Date units unit March 1 # of Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold # of units 150 @ un Inventory Balance $ 52.00 = $ 7,800.00 March 5 March 9 March 18 March 25 Required information March 9 March 18 March 25 March 29 Totals
