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 100 units @ $50.00 per unit 400 units @ $55.00 per unit 420 units @ $85.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 120 units @ $60.00 per unit 200 units @ $62.00 per unit 160 units @ $95.00 per unit 580 units 820 units Problem 5-2AA Part 3 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. Required information Perpetual FIFO Perpetual LIFO Weighted Average Specific Id 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 Date # of units sold Inventory Balance # of units Cost per Inventory Balance unit 100 @ $ 50.00 = $ 5,000.00 March 1 March 5 March 9 March 18 21. fra Ma rakan Required information 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 LIFO. Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold Cost per cost of Goods Sold unit Date # of units sold Inventory Balance # of units Cost per Inventory Balance 100 @ $50.00 = $ 5,000.00 unit March 1 March 5 March 9 Required information 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 Date # of Cost per units unit March 1 # of units sold Cost of Goods Sold Cost per Cost of Goods Sold unit Inventory Balance # of units cose Inventory Balance 100 @ $50.00 = $ 5,000.00 March 5 Average March 9 March 18 Average March 25 Namnlata thic Auction hour antarina IALOMithathebol Required information Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 80 units from be 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 pur Specific Identification: Goods Purchased Date # of Cost per units unit March 1 March 5 # of units sold Cost of Goods Sold Cost per Cost of Goods Sold unit Inventory Balance # of units Cost per Inventory Balance unit 100 @ $50.00 = $ 5,000.00 March 9 March 18 4. Compute gross profit earned by the company for each of the four costing methods. 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 weighted average cost per unit to two decimals.) Gross Margin FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit
