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 100 units @ $50 per unit 400 units @ $55 per unit 420 units @ $85 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 120 units @ $60 per unit 200 units @ $62 per unit 160 units @ $95 per unit 580 units 820 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 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Cost of Goods Sold Goods Purchased # of units unit Cost per # of units sold Cost per cost of Goods Sold unit Date March 1 March 5 Inventory Balance Cost per # of units Inventory unit Balance 100 @ $ 50.00 = $ 5,000.00 100 @ $ 50.00 = $ 5,000.00 400 $ 50.00 = 20,000.00 $ 25,000.00 400 @ $ 50.00 @ March 9 = $ $ @ @ $ 50.00 $ 50.00 0.00 0.00 $ 50.00 $ 50.00 = @ March 18 March 25 March 29 Totals $ 0.00 $ 0.00 Perpetual FIFO Perpetual LIFO Weighted Specific Id Average Perpetual LIFO Compute the cost assigned to enaing inventory using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold # of # of units Cost per Date units unit sold unit Cost of Goods Sold March 1 Cost per Inventory Balance Cost per # of units unit Inventory Balance 100 @ $50.00 = $ 5,000.00 March 5 March 9 March 18 March 25 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 Cost per # of # of units Date Cost per # of units Cost per Inventory Balance units unit Cost of Goods Sold sold unit unit March 1 100 @ $ 50.00 = $ 5,000.00 March 5 100 @ $ 50.00 1001 $ 50.00 = $ 5,000.00 @ $ 50.00 Average 100 @ $ 5,000.00 March 9 42 @ $ 54.00 $ 22,680.00 $ 54.00= $ 4,320.00 March 18 120 @ $ 60.00 80 @ $ 54.00 = $ 4,320.00 $ 60.00 Average 80 $ 4,320.00 March 25 200 @ $ 62.00 $ 62.00 8 8 81 @ @ @ @ @ @ @ 2 0 160 $59.80 $ 240 @ $ 59.80] = $ 14,352.00 March 29 Totals les 9,568.00 32,248.00 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 consiste and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units f Specific Identification: Goods Purchased Cost of Goods Sold Inventory Balance # of Cost per # of units Cost per Cost per Date # of units units unit sold unit Cost of Goods Sold unit Inventory Balance March 1 100 @ $ 50.00 = $ 5,000.00 March 5 March 9 March 18 March 25 March 29 Totals $ 0.00
