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 Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at cost 200 units @ $53.00 per unit 275 units @ $58.00 per unit 135 units @ $63.00 per unit 250 units@ $65.00 per unit 360 units @ $88.00 per unit 230 units@ $98.00 per unit 590 units 860 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. Perpetual FIFO Perpetual LIO Weighted Average Specific id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goode Purchased # of Cost unite per unit Coat of Goode sold Cost per Cost of Goode Sold unit Date # of units sold March 1 March 5 275 @ IS 58.00 Inventory Balance Cost # of unite per Inventory Balance unit 200 IS 53.00 10,600.00 200 IS IS 53.00 10,600.00 275 @ 58.00 15,950.00 IS 28,550.00 953 53.00 $ 5,035.00 March 9 200 S 10,600.00 . 53.00 210 @ 12,180.00 3 58.00 58.00 S 22,780.00 March 18 135 IS 83.00 . 200 @ IS 53.00 S 58.00 $ 5,035.00 IS 10,600.00 14,210.00 245 135 63.00 8,505.00 S 33,315.00 IS 10,600.00 14,210.00 IS March 25 250 ml IS 65.00 200 53.00 245 @ 135 O 8,505.00 58.00 S 63.00 IS 65.00 250 16,250.00 IS 49,565.00 IS 10,800.00 14,210.00 March 29 200 63.00 $ 10,600.00 200 00 12 245 58.00 14,210.00 245 IS 58.00 135 8,505.00 135 @ 8,505.00 63.00 S 65.00 63.00 S 65.00 250 16,250.00 250 ml s 49,565.00 16,250.00 S 49,565.00 IS 49,565.00 Totals S 72,345.00 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: Goods Purchased Coat of Goode Sold Cost # of Cost Date per #of units Cost of Goods units per Bold unit unit Sold March 1 # of unite Inventory Balance Cost Inventory unit Balance S $10,000.00 53.00 per 200 March 5 March 9 March 18 March 25 March 29 Totals IS 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 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. Specific identification: Goods Purchased Cost Date # of units per unit March 1 Coat of Goode sold # of units Cost Cost of Goods per Bold Sold unit # of unita Inventory Balance Cost Inventory per unit Balance 53.00 S 10,000.00 200 March 5 March 9 March 18 March 25 March 29 Totals 0.00
