[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 180 units @ $52.60 per unit 265 units @ $57.60 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 340 units @ $87.60 per unit 125 units @ $62.60 per unit 230 units @ $64.60 per unit 210 units @ $97.60 per unit 550 units Totals 800 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 105 units from beginning inventory and 235 units from the March 5 Show the previous page sale consisted of 85 units from the March 18 purchase and 125 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 Purchased Cost of Goods Sold Inventory Balance Cost per Cost per ate # of units Cost per unit # of units sold Cost of Goods Sold # its Inventory Balance unit unit March 1 180 $ 52.60 = $ 9,468.00 March 5 265 @ $ 57.60 180 @ $ 52.60 $ 57.60 265] @ $ 9,468.00 15,264.00 $ 24,732.00 March 9 265 $ 52.60 $ 13,939.00 $ 52.60 @ $ 57.60 0.00 @ $ 57.60 $ 13,939.00 March 18 125 @ $ 62.60 @ $ 52.60 @ $ 57.60 @ $ 62.60 March 25 230 @ $ 64.60 a $ 52.60 @ $ 57.60 $ 62.60 @ @ $ 64.60 March 29 Totals $ 13,939.00 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 Cost per Date # of units Cost per unit # of units sold Cost of Goods Sold unit Inventory Balance Cost per Inventory # of units unit Balance 180 $ 52.60 $ 9,468.00 March 1 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 Cost per Cost per # of units Date # of units sold Cost of Goods Sold # of units unit unit unit Inventory Balance March 1 180 @ $ 52.60 = $ 9,468.00 March 5 Average March 9 March 18 Average March 25 March 29 Totals $ 0.00 Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 105 units from beginning inventory and 235 units from the March 5 purchase; the March 29 sale consisted of 85 units from the March 18 purchase and 125 units from the March 25 purchase. Specific Identification: Goods Purchased Cost of Goods Sold Inventory Balance Cost per # of units Date Cost per Cost per # of units sold Cost of Goods Sold # of units unit unit unit Inventory Balance March 1 180 $ 52.60 = $ 9,468.00 March 5 March 9 March 18 March 25 March 29 Totals $ 0.00 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 105 units from beginning inventory and 235 units from the March 5 purchase; the March 29 sale consisted of 85 units from the March 18 purchase and 125 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) Gross Margin FIFO LIFO Avg. Cost Spec. ID Sales Less: Cost of goods sold Gross profit
