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 Retau Mar. 1 Beginning inventory 100 units @ $65.00 per unit Mar. 5 Purchase 400 units@ $70.00 per unit Mar. 9 Sales Mar. 18 Purchase 420 units & $100.00 per unit 120 units@ $75.00 per unit Mar. 25 Purchase 200 units@ $77.00 per unit Mar. 29 Sales 180 units@ $110.00 per unit Totals 320 units 580 units 3. Compute the cost assigned to ending inventory using (a) FIFO (D) LIFO. (c) weighted average, and (d) specific Identification. For specific identification, the March 9 sole 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. Perpetual FIFO Goods Purchased Wol units unit Cost per Cost of Goods Sold Cost of Goods Sold Date # of units sold Cost per Inventory Balance of units Inventory unit Balance 100 @ $ 65,00 $ 6,500.00 Cost per unit March 1 March 5 400 e $ 70.00 ol 400 @ $ 65.00 $ 70.00 28,000.00 $ 28,000.00 March 9 S 100 @ 320 $65 00 $ 70.00 6,500.00 22 400.00 28,900.00 o@ 0 @ $ 65.00 $ 70.00 S March 18 120 $75.00 0 @ ol 1201 $ 65.00 $ 70.00 $ 75,00 9,000.00 $9,000.00 March 25 2001 $77.00 200 $ 65,00 $ 70.00 $75.00 $77.00 15.400.00 $ 9,000.00 March 25 200 @ $77.00 o @ 0 $ 65.00 $ 70.00 $75 00 $77.00 o@ 200 e 15,400 00 $ 15,400.00 March 29 $ o@ 80 @ $ 65,00 $ 70,00 $75.00 $77.00 80 e 0.00 5,600.00 6,000.00 0.00 11,600.00 40,500.00 o @ 80 @ 80 @ O @ $ 6500 $ 70,00 $75.00 = $ 77.00 5,600.00 6,000.00 o @ $ Totals $ 11,600,00 $ 11,600.00 $ Pero Perpetual LIFO > Perpetual LIFO: Cost of Goods Sold Goods Purchased flot units unit Cost per Cost per Date # of units sold Cost of Goods Sold unit March 1 March 5 400 @ $ 70.00 Inventory Balance Cost per of units unit Inventory Balance 100 @ $6500 = $ 6,500.00 $ 65.00 400 @ $ 70,00 28,000.00 $ 28,000.00 o @ $65.00 o @ $ 70.00 March 9 20 @ $65.00 - 100 @ $70.00 $ 1,300.00 28,000.00 $ 29,300.00 March 18 120 @ $ 7500 o @ O 1201 $ 65.00 $70.00 $75.00 9,000.00 $ 9,000.00 March 25 2001 @ $ 77.00 OD ole 200 @ $ 65.00 $ 70.00 $75 00 $77.00 15,40000 Cost per Cost of Goods Sold of units sold unit Cost of Goods Sold Weighted Average Perpetual: Goods Purchased Date Hol units unit March 1 March 5 4001 $ 70.00 Cost per Cost per Inventory Balance Inventory Balance of units unit 100 S 65.00 - $ 6,500.00 O @ $ 65.00 400 $ 70,00 28,000.00 400 $ 70.00 - $ 28,000.00 o $ 0.00 Average March 9 March 18 420 569.00 $ 28,980.00 120 $ 75,00 0 120 Average March 25 $ 0.00 $75.00 9,000.00 $75.009,000.00 120 200 @ $77.00 0 2001 2001 $75 00 $77.00 $77.00 - 15,400.00 $ 15,000.00 March 29 Totals 160 @ $ 74.80 $ 11,968.00 $ 40,948.00 160 @ $74.80 $ 11.968 00 Specific Identification: Goods Purchased #ol Date units unit March 1 Cost per Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Cost per Inventory Balance Wof units Inventory Balance unit 100 @ $ 66.00 - $6,500.00 March 5 March 9 March 18 March 25