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.ee 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 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. Perpetual FIFO Goods Purchased # of Cost per units unit Cost of Goods Sold Cost per Cost of Goods Sold unit # of units sold Date March 1 March 5 400 @ $55.00 Inventory Balance Cost per Inventory # of units unit Balance 100 @ $ 50,00 = $ 5,000.00 100 @ $ 50.00 = $ 5,000.00 400 @ $ 55.00 = 22,000.00 $ 27,000.00 $ 50.00 $ 55.00 March 9 $ $50.00 $ 55.00 - 0.00 0.00 March 18 120 $ 60.00 $ 50.00 $ 55.00 $ 60.00 March 25 2001 $ 62.00 4 @ @ @ @ $ 50.00 $ 55.00 $ 60.00 $ 62,00 March 29 ces Totals $ 0.00 $ 0.00 Perpetual LIFO Cost of Goods Sold Goods Purchased #of Cost per units unit Cost per Date # of units sold Cost of Goods Sold Inventory Balance Cost per # of units Inventory Balance unit 100 @ $ 50.00 - 5,000.00 unit March 1 March 5 March 9 March 18 Marrh 25 March 25 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 #of of units Cost per Cost per Date Cost of Goods Sold # of units Inventory Balance units unit sold unit March 1 100 @ $50.00 = S 5,000.00 March 5 Cost per unit Average March 9 March 18 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, 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. Specific Identification Goods Purchased Cost of Goods Sold Inventory Balance Date # of Cost per Hof units Cost per units Cost per sold unit Cost of Goods Sold # of units Inventory Balance unit March 100 @ $ 50.00 $5,000.00 March unit March March ra March 25 March 29 SCH Totals $ 0.00
