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 Mar. Date Activities Mar. 1 Beginning inventory 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at Cost 90 units@ $50.80 per unit 220 units@ $55.80 per unit 80 units @ $60.80 per unit 140 units@ $62.80 per unit 250 units @ $85.80 per unit 120 units@ $95.80 per unit 370 units 530 units 3. Compute the cost assigned to ending inventory using (a) FIFO. (6) LIFO. (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 60 units from beginning inventory and 190 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 80 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. Perpetual FIFO: Goods archased # of Cost per units unit Cost of Goods Sold Cost per Cost of Goods Sold unit Date # of units sold Inventory Balance Inventory # of units unit Balance 90 @ $ 50.80 = $ 4,572.00 Cost per March 1 March 5 March 9 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 LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold of Cost per # of units Date Cost per Cost of Goods Sold units unit sold unit March 1 Inventory Balance Cost per Inventory # of units unit Balance 90 @ $50.80 - S 4,572.00 March 5 March 9 Weighted Perpetual FIFO Perpetual LIFO 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 Date Cost per cost of Goods Sold Cost per # of units Inventory Balance units unit sold unit unit March 1 90 @ $50.80 = 4,572.00 $ March 5 Average March 9 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 weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance # of Date # of units Cost per cost of Goods Sold Cost per units # of units Inventory Balance unit sold unit March 1 90 @ $ 50.80 - $ 4,572.00 March 5 Cost per unit Average March 9
