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(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
(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 250 units @ $54.00 per unit 300 units @ $59.00 per unit Date March 1 March 5 March 9 March 18 March 25 March 29 410 units @ $89.00 per unit Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 160 units @ $64.00 per unit 300 units @ $66.00 per unit 280 units @ $99.00 per unit 690 units 1,010 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (6) LIFO, () weighted average, and (d) specific identification. For specific identification, units sold include 140 units from beginning inventory, 270 units from the March 5 purchase, 120 units from the March 18 purchase, and 160 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 specific identification. For specific identification, units sold include 140 units from beginning inventory, 270 units from the March 5 purchase, 120 units from the March 18 purchase, and 160 units from the March 25 purchase. Specific Identification: Cost of Goods Sold Inventory Balance Date # of units sold # of units Cost per Inventory Balance Goods Purchased Goods Cost per # of units unit Puchased 250 at $ 54.00 = $ 13,500 300 at $ 59.00 E 17,700 160 at $ 64.00 10.240 300 at $66.00 $ 19,800 = at = at $ March 1 March 5 March 18 0.00 at = Cost per Cost of Goods Sold unit $ 54.00 $ 0.00 $ 59.00 $ 64.00 = 0.00 $ 66.00 $ 0.00 at unit $ 54.00 = $ 59.00 = $ 64.00 = $ 66.00 = = at at 0.00 = at = at March 25 Totals $ 0.00
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