Be specific on where numbers should be! Required Informatlon The following Infor

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Be specific on where numbers should be!

Required Informatlon The following Information applies to the questions displayed below. Warnerwoods Company uses a perpetual Inventory system. It entered Into the following purchases and sales transactions for March. Activities nits sold at Retail Date Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Units Acquired at Cost 15e units@ $52.00 per unit 25e units@ $57.00 per unit 310 unitse$87.00 per unit 11e units $62.00 per unit 28e units@ $64.00 per unit 18e units@ $97.ee per unit 490 units Totals 71e 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 90 units from beginning Inventory and 220 units from the March 5 purchase; the March 29 sale consisted of 70 units from the March 18 purchase and 110 units from the March 25 purchase

Explanation / Answer

Required information is as calculated below:

FIFO-Perpetual Date Goods Purchased Cost of goods sold Ending Inventory Units @ Cost per unit Cost of purchase Units sold @ Cost per unit Cost of goods sold Units @ Cost per unit Ending balance Mar-01 150 52 7800 150 7800 Mar-05 250 57 14250 150 52 7800 250 57 14250 400 22050 Mar-09 250 57 14250 60 52 3120 90 52 4680 90 4680 Mar-18 110 62 6820 90 52 4680 110 62 6820 200 11500 Mar-25 200 64 12800 90 52 4680 110 62 6820 200 64 12800 400 24300 Mar-29 180 64 11520 90 52 4680 110 62 6820 20 64 1280 560 33870 490 28890 220 12780 LIFO-Perpetual Date Goods Purchased Cost of goods sold Ending Inventory Units @ Cost per unit Cost of purchase Units sold @ Cost per unit Cost of goods sold Units @ Cost per unit Ending balance Mar-01 150 52 7800 150 7800 Mar-05 250 57 14250 150 52 7800 250 57 14250 400 22050 Mar-09 150 52 7800 160 57 9120 90 57 5130 90 5130 Mar-18 110 62 6820 90 57 5130 110 62 6820 200 11950 Mar-25 200 64 12800 90 57 5130 110 62 6820 200 64 12800 400 24750 Mar-29 90 57 5130 20 62 1240 90 62 5580 200 64 12800 560 33870 490 27630 220 14040 Weighted-Perpetual Date Goods Purchased Cost of goods sold Ending Inventory Units @ Cost per unit Cost of purchase Units sold @ Cost per unit Cost of goods sold Units @ Cost per unit Ending balance Mar-01 150 52 7800 150 7800 Mar-05 250 57 14250 150 52 7800 250 57.00 14250.0 400 55.13 22050.0 Mar-09 310 55 17089 90 55.13 4961.3 90 4961.3 Mar-18 110 62 6820 90 55.13 4961.3 110 62.00 6820.0 200 58.91 11781.3 Mar-25 200 64 12800 90 55.13 4961.3 110 62.00 6820.0 200 64.00 12800.0 400 61.45 24581.3 Mar-29 180 61 11062 220 61.45 13519.7 560 33870 490 28150 220 13519.7 Specific Identification-Perpetual Date Goods Purchased Cost of goods sold Ending Inventory Units @ Cost per unit Cost of purchase Units sold @ Cost per unit Cost of goods sold Units @ Cost per unit Ending balance Mar-01 150 52 7800 150 7800 Mar-05 250 57 14250 150 52 7800 250 57 14250 400 22050 Mar-09 90 52 4680 60 52 3120 220 57 12540 30 57 1710 90 4830 Mar-18 110 62 6820 60 52 3120 30 57 1710 110 62 6820 200 11650 Mar-25 200 64 12800 60 52 3120 30 57 1710 110 62 6820 200 64 12800 400 24450 Mar-29 70 62 4340 60 52 3120 110 64 7040 30 57 1710 40 62 2480 90 64 5760 560 33870 490 28600 220 13070

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