Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 [The f

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Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 [The following information applies to the questions displayed belowj Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Date Activities Units Acquired at Cost 200 units $53.00 per unit 275 units@ $58.00 per unit Units Sold at Retail Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 360 units@ $88.00 per unit 135 units $63.00 per unit 250 units $65.00 per unit 230 units $98.80 per unit Totals 860 units 590 unit:s Problem 6-1A Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO. (bj LIFO, (c) weighted average, and (d) specific identification For specific identification, the March 9 sale consisted of 115 units from beginning inventory and 245 units from the March 5 purchase the March 29 sale consisted of 95 units from the March 18 purchase and 135 units from the March 25 purchase Complete this questions by entering your answers in the below tabs

Explanation / Answer

STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Mar 200 53 10600 5-Mar 275 58 15950 200 53 10600 275 58 15950 9-Mar 200 53 10600 160 58 9280 115 58 6670 18-Mar 135 63 8505 115 58 6670 135 63 8505 25-Mar 250 65 16250 115 58 6670 135 63 8505 250 65 16250 29-Mar 115 58 6670 20 63 1260 115 63 7245 250 65 16250 TOTAL 660 40705 590 33795 270 17510 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Mar 200 53 10600 5-Mar 275 58 15950 200 53 10600 275 58 15950 9-Mar 275 58 15950 85 53 4505 115 53 6095 18-Mar 135 63 8505 115 53 6095 135 63 8505 25-Mar 250 65 16250 115 53 6095 135 63 8505 250 65 16250 29-Mar 230 65 14950 115 53 6095 135 63 8505 20 65 1300 TOTAL 660 40705 590 35405 270 15900 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL WEIGHTED AVERAGE METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Mar 200 53 10600 5-Mar 275 58 15950 200 53 10600 275 58 15950 Average 475 55.89 26550 9-Mar 360 55.89 20120 115 55.89 6430 18-Mar 135 63 8505 115 55.89 6430 135 63 8505 25-Mar 250 65 16250 115 55.89 6430 135 63 8505 250 65 16250 Average 500 62.37 31185 29-Mar 230 62.37 14345 270 62.37 16840 TOTAL 660 40705 590 34465 270 16840 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL SPECIFIC IDENTIFICATION METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Mar 200 53 10600 5-Mar 275 58 15950 200 53 10600 275 58 15950 9-Mar 115 53 6095 85 53 4505 245 58 14210 30 58 1740 18-Mar 135 63 8505 85 53 4505 30 58 1740 135 63 8505 25-Mar 250 65 16250 85 53 4505 30 58 1740 135 63 8505 250 65 16250 29-Mar 95 63 5985 85 53 4505 135 65 8775 30 58 1740 40 63 2520 115 65 7475 TOTAL 660 40705 590 35065 270 16240

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