Units Sold at Retail Units Acquired at Cost 80 units @ $50.60 per unit 215 units @ $55.60 per unit Date March 1 March 5 March 9 March 18 March 25 March 29 240 units @ $85.60 per unit Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 75 units @ $60.60 per unit 130 units @ $62.60 per unit 110 units @ $95.60 per unit 350 units 500 units Problem 5-1A (Algo) Part 1 Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale Cost of Goods # of units Unit Available for Sale Cost per Beginning inventory Purchases: March 5 March 18 March 25 Total 2. Compute the number of units in ending inventory. Ending inventory units 3. Compute the cost assigned to ending inventory using (a) FIFO, (6) LIFO, (C) weighted average, and (d) specific identification. For specific identification, units sold include 55 units from beginning inventory, 185 units from the March 5 purchase, 35 units from the March 18 purchase, and 75 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 Date Cost per # of units # of units sold Cost per Cost of Goods Sold Inventory Balance # of units Cost per Inventory unit Balance 80 at $ 50.60 = $ 4,048.00 unit unit March 1 March 5 Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals $ 0.00 Perpetual FIFO Perpetual LIFO > Perpetual LIFO: Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold Goods Purchased Cost per # of units unit Date Inventory Balance Cost per Inventory # of units unit Balance 80 at $ 50.60 = $ 4,048.00 March 1 March 5 Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals $ 0.00 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 Date Cost per # of units # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance unit March 1 80 at $ 50.60 = $ 4,048.00 March 5 Average March 5 March 9 March 18 Average March 18 March 25 Average March 25 March 29 Totals $ 0.00 Perpetual LIFO Specific Id > Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 55 units from beginning inventory, 185 units from 5 purchase, 35 units from the March 18 purchase, and 75 units from the March 25 purchase. Specific Identification: Goods Purchased Cost of Goods Sold Inventory Balance Date Cost Cost Cost # of units # of units sold # of units per unit per unit Cost of Goods Sold $ 0.00 per unit Inventory Balance $ 0.00 March 1 80 at = at = at March 5 215 at = Goods Puchased $ 4,048 11,954 4,545 $ 8,138 at = $ 50.60 $ 55.60 $ 60.60 $ 62.60 at $ 50.60 $ 55.60 $ 60.60 $ 62.60 $ 50.60 = $ 55.60 = $ 60.60 $ 62.60 = March 18 75 at = at II = 0.00 at = II 0.00 March 25 130 at = at = at Totals $ 0.00 0.00 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 80 units @ $50.60 per unit 215 units @ $55.60 per unit Date March 1 March 5 March 9 March 18 March 25 March 29 240 units @ $85.60 per unit Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 75 units @ $60.60 per unit 130 units $62.60 per unit 110 units @ $95.60 per unit 350 units 500 units Problem 5-1A (Algo) Part 4 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 55 units from beginning inventory, 185 units from the March 5 purchase, 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.) Gross Margin FIFO LIFO Weighted Average Specific ID Sales Less: Cost of goods sold Gross profit