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 158 units @ $52.00 per unit Mar. 5 Purchase 250 units@ $57.00 per unit Mar. 9 Sales 318 units $87.00 per unit Mar. 18 Purchase 118 units@ $62.00 per unit Mar. 25 Purchase 200 units @ $64.00 per unit Mar. 29 Sales 188 units@ $97.00 per unit Totals 710 units 490 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 90 units from beginning inventory and 220 units from the March 5 purchase; the March 29 sale consisted of 70 units from the March 18 purchase and 110 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual Faro Perpetual LIFO Weighted Specific id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO Goods Purchased Cost of Goods Sold Inventory Balance trod s Cost per Inventory olCost pero n15 COST per units unit sold unit 150 52.00 $ 7,800.00 March March 5 L Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased of Cost per units unit Cost of Goods Sold Cost per Cost of Goods Sold unit of units sold Date Inventory Balance #of units Cost per Inventory unit Balance 150 @ $52.00 = $ 7,800.00 March 1 March 5 March 9 March 18 March 25 Perpetual FIFO Perpetual LIFO Weighted Specific Id Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold # of Cost per of units Cost per cost of Goods Sold Date units unit s old unit cost of Goods Sold March 1 Inventory Balance Cost per of units inventory of units unit unit Balance 150 @ $52.00 = $ 7,800.00 March 5 March 9 March 18 March 25 TE! Perpetual FIFO Perpetual LIFO Voighted 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 of Cost per Date units Inventory Balance Cost of Goods Sold of units Cost per cost of Goods Sold Cost per inventory Balance of units @ March 1 150 $ 52.00 - $ 7,800.00 March 5 Average March March 18 Average March 25 Perpetual LIFO Specific id > Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 90 units from beginning inventory and 220 units from the March 5 purchase; the March 29 sale consisted of 70 units from the March 18 purchase and 110 units from the March 25 purchase. Specific Identification Goods Purchased of Cost per unit Cost of Goods Sold of units Cost per Cost of Goods sold unit Sold Date Inventory Balance # of units i pe Inventory Balance 150 @ $52.00 = $ 7,800.00 March 1 March 5 March 9 March 18 March 25
