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

Mar.

1

Beginning inventory

80

units

@ $50.60 per unit

Mar.

5

Purchase

215

units

@ $55.60 per unit

Mar.

9

Sales

240

units

@ $85.60 per unit

Mar.

18

Purchase

75

units

@ $60.60 per unit

Mar.

25

Purchase

130

units

@ $62.60 per unit

Mar.

29

Sales

110

units

@ $95.60 per unit

Totals

500

units

350

units

Correct the answer and fill the blank.

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 Part 3 of 4 for March Activities Units Acquired at Cost 80 units$50.60 per unit 215 units $55.60 per unit Units Sold at Retail Date Mar Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 10 points 240 units $85.60 per unit 75 units $60.60 per unit 130 units $62.60 per unit 00:56:36 110 unit $95.60 per unit 350 units Totals 500 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 55 units from beginning inventory and 185 units from the March 5 purchase; the March 29 sale consisted of 35 units from the March 18 purchase and 75 units from the March 25 purchase Complete this questions by entering your answers in the below tabs. Weighted Average Perpetual FIFO Perpetual LIFO Specific Id Compute the cost assigned to ending inventory using FIFO Required information March 1 80 50.60$4,048.00 80 $50.60$4,048.00 215$55.60 11,954.00 16,002.00 March 5 215@$55.60 3 of 4 8050.60 4,048.00 8,896.00 March 9 0 $50.60 160$55.60 5555.603,058.00 $3,058.00 12,944.00 0@$50.60 5555.603,058.00 75$ 60.60 4,545.00 00:56:20 March 18 75@$60.60 $7,603.00 March 25 130$62.60 0 $50.60 55 55.603,058.00 75 $60.604,545.00 130 62.608,138.00 15,741.00 0 50.600.00 55 55.60 3,058.00 3,333.00 0.00 $6,391.00 0 S 50.60 0 @$55.60 20$60.601,212.00 March 29 55$60.60 - 0 $62.60- 130 $ 62.608.138.00 $9,350.00 Required information March 5 80$50.60$4,048.00 21555.60 11,954.00 16,002.00 55| @| $50.60!=| $2,783.00 215 @ $55.60 of 4 25 50.60 1,265.00 11,954.00 March 9 215@ 55.0 0$55.60 $2,783.00 13,219.00 March 18 75$ 60.60 55$50.60$2,783.00 0 55.60 7560.604,545.00 $7,328.00 March 25 130$ 62.60 65 @| $50.60| =| $2,783.00 O55.60 75 60.604,545.00 8,138.00 130$ 62.60 15,466.00 March 29 55$50.60$2,783.00 0 50.600.00 0.00 0.00 6,886.00 S 6,886.00 0%55.60 0 55.60- 0 $60.60- 75 60.604,545.00 20$62.601,252.00 $8,580.00 $8,580.00 11062.60 Totals Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: oods Purchas #of units ds Inventory Balance Cost per | unit # of units sold Cost per unit Cost of Goods Sold Date #Of units cost per Inventory unit Balance March 1 80 50.60 4,048.00 80 50.604,048.00 215@$55.6011,954.00 295@$54.24 16,002.00 March 5 215| @ $55.60 Average March 9 March 18 03 24054.2413,017.6055424S 2,983.20 55 54.24 2,983.20 75 60.604,545.00 130a $57.917,528.20 5554.242,983.20 75 $60.60 Average 55 $54.24 2,983.20 4,545.00 13062.608,138.00 260 @ 60.2515,666.20 March 25 130@$62.60 75 60.60- March 29 110@$60.256,627.50 150@60.25 9,037.50 Totals 19,645.10 Perpetual LIFO Specific ld> OT units units unit sold unit Sold unit Balance 8050.60 $4,048.00 80| @ | $50.60 = | $4,048.00 21555.6011,954.00 16,002.00 5550.60$2,783.00 March 1 March 5 215 $55.60 of 4 March 9 55| @ | $ 50.60 = | $ 2,783.00 0.00 $2,783.00 0 55.60 - $55.60 $2,783.00 :55:44 March 18 75 @$60.60 5550.60$2,783.00 $55.60 7560.604,545.00 $7,328.00 March 25 130| @ $62.60 55 S 50.60$2,783.00 $55.60 75 $60.604,545.00 130 62.608,138.00 15,466.00 55S 50.60$2,783.00 March 29 0|@| $50.60!=| $ 0.00 0.00 0.00 75 62.604,695.00 $4,695.00 $7.478.00 $55.60- $60.60- S55.60 @ S 60.60 55$ 62.603,443.00 $6,226.00 $6,226.00 Totals 8 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 Part 4 of 4 for Marclh Activities Units Acquired at Cost 80 units $50.60 per unit 215 units $55.60 per unit Units Sold at Retail Date Mar 1 Beginning inventory Mar. 5 Purchase Mar 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 10 points 240 units $85.60 per unit 75 units e $60.60 per unit 130 units $62.60 per unit 00:51:49 110 units $95.60 per unit 350 units Totals 500 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 55 units from beginning inventory and 185 units from the March 5 purchase; the March 29 sale consisted of 35 units from the March 18 purchase and 75 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) FIFO LIFO Avg. Cost Spec. ID Gross Margin Sales Less: Cost of goods sold Gross profit $31,060 31.060 S 31,060$31,060 19,885.00 11,175 19,335.00 20,105.00 20,080.00 11,725 $ 0,95510,981