[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

100

units

@ $50.00 per unit

Mar.

5

Purchase

400

units

@ $55.00 per unit

Mar.

9

Sales

420

units

@ $85.00 per unit

Mar.

18

Purchase

120

units

@ $60.00 per unit

Mar.

25

Purchase

200

units

@ $62.00 per unit

Mar.

29

Sales

160

units

@ $95.00 per unit

Totals

820

units

580

units

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 Units Acquired at Cost @ $50.00 per unit @ $55.00 per unit Date Activities 100 units Mar 1 Beginning inventory 400 units Mar. 5 Purchase @ $85.00 per 420 units unit Mar. 9 Sales @ $60.00 per unit @ $62.00 per 120 units Mar. 18 Purchase Mar. 25 Purchase 200 units unit @ $95.00 per 160 units unit Mar. 29 Sales 580 units Totals 820 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 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. (Round your average cost per unit to 2 decimal places.) Perpetual FIFO Goods Purchased Cost per Cost of Goods Sold Cost per Inventory Balance Cost per Cost of Goods # of units #of units Inventory Balance # of units Date unit sold unit Sold unit 100@ March 1 $5,000.00 50.00 March 5 100 $50.00 $5,000.00 100 $50.00 $50.00 $5,000.00 March 9 400 $50.00 = 55 $50.00 20,000.00 $2,750.00 6,000.00 $50.00 $3,000.00 120 $50.00 60 26,000.00 $5,750.00 March 18 March 25 March 29 $ 26,000.00 Totals Perpetual LIFO: Inventory Balance Cost of Goods Sold Goods Purchased Cost per Cost per unit Cost per unit # of units sold Cost of Goods Sold #of Inventory Balance #of units Date unit units March 1 100 $50.00 $5,000.00 March 5 March 9 March 18 March 25 March 29 Totals $ 0.00 Weighted Average Perpetual: Cost of Goods Sold Cost per Cost of Goods Sold Inventory Balance Goods Purchased Cost per Cost per unit of units #of units Inventory Balance Date # of units unit sold unit March 1 $50.00 5,000.00 100 March 5 Average March 9 March 18 Average March 25 March 29 Totals $ 0.00 Specific Identification: Goods Purchased Inventory Balance Cost per Cost of Goods Sold Cost per unit of units Cost per unit Cost of Goods Sold #of units sold Inventory Balance Date # of units unit March 1 100@ $5,000.00 $50.00 March 5 March 9 March 18 March 25 March 29 Totals $ 0.00