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 170 units @ $52.40 per unit 260 units @ $57.40 per unit 330 units @ $87.40 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 @ $62.40 per unit 220 units @ $64.40 per unit 770 units 200 units @ $97.40 per unit 530 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 100 units from beginning inventory and 230 units from the March 5 purchase; the March 29 sale consisted of 80 units from the March 18 purchase and 120 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Perpetual LiFo Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold Cost per cost of Goods Sold unit Date # of units sold March 1 March 5 260 @ $57.40 March 9 $ 60 @ 260 @ $ 52.40 $57.40 = = 3,144.00 14.924.00 18,068.00 $ Inventory Balance # of units Cost per Inventory unit Balance 170 @ $52.40 = $ 8,908.00 170 @ $ 52.40 = $ 8,908.00 260 @ $57.40 = 14,924.00 $ 23,832.00 100 @ $ 52.40 = $ 5,240.00 0 @ $57.40 = $ 5,240.00 100 @ $ 52.40 = $ 5,240.00 0 @ $ 57.40 120 @ $ 62.40 = 7,488.00 $ 12,728.00 0 @ $ 52.40 100 @ $57.40 = 5,740.00 120 @ $ 62.40 = 7,488.00 220 @ $64.40 14,168.00 $ 27,396.00 March 18 120 @ $62.40 March 25 220 @ $ 64.40 March 29 $ 0 @ 0 @ 0 @ 2001 @ $ 52.40 $57.40 $62.40 $64.40 = = = = 0.00 0.00 0.00 12,880.00 12,880.00 30,948.00 0 100 120 20 @ @ @ @ $ 52.40 $57.40 = $ 62.40 = $64.40 5,740.00 7,488.00 1,288.00 $ 14,516.00 $ 14,516.00 $ $ Totals 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 # of Cost per Date units unit March 1 Cost of Goods Sold # of units Cost per cost of Goods Sold sold unit unit March 5 260 @ $57.40 Average March 9 March 18 330 @ $52.40 = $ 17,292.00 Inventory Balance # of units Cost per Inventory Balance 170 @ $ 52.40 = $ 8,908.00 430 @ $52.40 = $ 22,532.00 0 @ $ 57.40 430 @ $52.40 = $ 22,532.00 100 @ $ 52.40 = $ 5,240.00 100 @ $ 52.40 = $ 5,240.00 220 @ $ 62.40 = 13,728.00 320 @ $0.00 $ 18,968.00 440 $ 0.00 0 @ $64.40 440 @ $ 0.00 120 @ $62.40 Average March 25 220 @ $64.40 March 29 Totals 2001 - $ 17,292.00 Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 100 units from beginning inventory and 230 units from the March 5 purchase; the March 29 sale consisted of 80 units from the March 18 purchase and 120 units from the March 25 purchase. Specific Identification: Goods Purchased Date # of Cost per units unit March 1 March 5 260@ 557.40 Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold unit March 9 100 230 @ @ $ 52.40 $57.40 = = $ 5,240.00 13,202.00 $ 18,442.00 Inventory Balance # of units Cost per Inventory Balance 170 @ $ 52.40 = $ 8,908.00 170 @ $ 52.40 = $ 8,908.00 260 @ $57.40 = 14,924.00 $ 23,832.00 0 @ $ 52.40 = 100 @ $57.40 = $ 5,740.00 $ 5,740.00 0 @ $ 52.40 100 @ $57.40 = 5,740.00 120 @ $ 62.40 = 7,488.00 $ 13,228.00 0 @ $ 52.40 100 @ $57.40 = 5,740.00 120 @ $62.40 = 7,488.00 220 @ $ 64.40 = 14,168.00 $ 27,396.00 March 18 120 @ 562.40 March 25 I 220 @ $64.40 March 29 0 @ 80 @ 120. @ | @ $ 52.40 $57.40 $62.40 $ 64.40 = = = = $ 0.00 4,592.00 7,488.00 0.00 $ 12,080.00 $ 30,522.00 0 @ 0 @ 201 @ 220 @ $ 52.40 $57.40 $62.40 = $64.40 = 1,248.00 14, 168.00 15,416.00 15,416.00 $ $ Totals
