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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units sold at Retail Date March 1
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units sold at Retail Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 68 units @ $50.20 per unit 205 units @ $55.20 per unit 65 units @ $60.20 per unit 118 units @ $62.20 per unit 220 units @ $85.22 per unit 440 units 90 units @ $95.20 per unit 310 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 45 units from beginning inventory, 175 units from the March 5 purchase. 25 units from the March 18 purchase, and 65 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 LIFO. Perpetual LIFO: Cost of Goods Sold Cost Cost of Goods Sold Goods Purchased Cost # of units Date per unit # of units sold Inventory Balance Cost # of units Inventory per unit Balance 60 at $ 50.20 = S 3,012.00 per unit March 1 March 5 Total March 5 March 9 Total March March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals $ 0.00
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