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 Date Activities Units Acquired at Cost Units sold at Retail 1 Beginning inventory 150 units@ $52.ee per unit Mar. 5 Purchase 250 units@ $57.ee per unit Mar. 9 Sales 310 units $87.68 per unit Mar. 18 Purchase 110 units $62.00 per unit Mar 25 Purchase 200 units $64.00 per unit Mar. 29 Sales 180 units@ $97.00 per unit Totals 710 units Mar. 490 Joits 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. Required information Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Cost of Goods Sold Goods Purchased #of units unit Cost per Cost per # of units sold Date Inventory Balance Cost per Inventory # of units unit Balance 150 @ $ 52.00 = $ 7,800.00 Cost of Goods Sold unit March 1 March 5 March 9 March 18 Required information March 18 March 25 March 29 3 $ 0.00 Totals Perne E Perpetual LIFO> Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: Goods Purchased # of units unit Cost per # of units sold Cost of Goods Sold Cost per cost of Goods Sold unit Inventory Balance Cost per Inventory # of units unit Balance 150 @ $ 52.00 = $ 7,800.00 Date March 1 March 5 + March 9 March 18 Required information March 18 March 25 March 29 Totals 0.00 Required into don Perpetual FIFO Perpetual LIFO Weighted Specific Id Average 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 # of Cost per # of units Cost per Cost per Date Cost of Goods Sold # of units Inventory Balance units unit sold unit unit March 1 150 $ 52.00 = $ 7,800.00 March 5 Average March 9 March 18 Average March 25 Required information March 18 Average March 25 March 29 Totals 0.00 Required information Perpetual FIFO Perpetual LIFO Weighted Specific Id Average Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 90 units 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 Specific Identification: Goods Purchased Cost of Goods Sold Inventory Balance # of Cost per # of units Cost per Cost of Goods #of units Cost per Inventory Balance Date units sold unit Sold 150 March 1 $ 52.00 - s 7,800.00 unit unit March 5 March 9 March 18 Required information March 18 March 25 March 29 S 0.00 Totals
