ALL BLUE BOXES MUST BE FILLED IN

Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 (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. Units Sold at Retail Units Acquired at Cost 80 units @ $50.60 per unit 215 units @ $55.60 per unit 240 units @ $85.60 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 75 units @ $60.60 per unit 130 units @ $62.60 per unit 110 units @ $95.60 per unit 350 units 500 units Problem 6-1A Part 3 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 55 units from beginning inventory and 185 units from the March 5 purchase; the March 29 sale consisted of 35 units from the March 18 purchase and 75 units from the March 25 purchase. Perpetual LIFO: Goods Purchased # of units Date # of units per Cost of Goods Sold Cost Cost of Goods per Sold unit #of units per per unit cost of Goo per March 1 Inventory Balance Cost Inventory # of units Balance unit 80 @ 50.60 F $ 4,048.00 80 $ 4,048.00 50.60 11,954.00 March 5 215 @ 65.60 215 @ 55.60 16,002.00 March 9 215 $ 10,879.00 50 60 0X @ 55% @ 50.60 55.60 25X @ 55.60 1,390.00 $ 12,269.00 $ 3,058.00 $ 3,058.00 March 18 75 @ 55 @ $ 2,783.00 60.60 50.60 55.60 4,170.00 75 @ 0X @ 60.60 $ 6,953.00 March 25 130 @ 62.50 55 @ 50.60 $ 2,783.00 55.60 60.60 4,545.00 75 130 62.50 8,125.00 15,453.00 March 29 50.60 $ 5,566.00 $ 2,783.00 55 o @ @ 50.60 55.60 0.00 55.60 0.00 60.60 75 @ @ 60.60 4,545.00 0.00 62.50 20 @ 62.50 1,250.00 $ 5,566.00 $ 17,835.00 $ 8,578.00 $ 8,578.00 Totals Weighted Average Perpetual: Goods Purchased Cost # of Date per units unit Cost of Goods Sold # of units Cost Cost of Goods sold per Sold unit # of units Inventory Balance Cost per Inventory unit Balance 50.60 $ 4,048.00 March 1 80 March 5 | 215 @ 55.50 295 50.60 $ 14,927.00 0X @ 55.50 Average 295 @ 550 @ $4.240 = 64.240 = $ 14,927.00 $ 2,983.20 March 9 2400 @ 64.240 = 13,017.60 March 18 75 @ 60.60 55 54.24 $ 2,983.20 130% @ 185 @ 7,878.00 60.60 60.60 Average March 25 130 @ 62.50% 260 X 150 @ 410 @ 150 @ 82.50 = 60.21% = 60.21% = 1 9,375.00 $ 9,375.00 March 29 110 @ 60.21% = $ 9,031.50 $ 6,623.10 19,640.70 Totals 19,640.70 Specific Identification: Goods Purchased # of Cost Date units per unit March 1 Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold March 5 215 @ $55.60 Inventory Balance Cost # of units Inventory per unit Balance 80 @ $50.60 = $ 4,048.00 30 @ $50.60 = $ 1,518.00 0 @ $55.60 $ 1,518.00 @ $50.60 = @ $55.60 = March 9 $ @ @ $50.60 $55.60 = = 0.00 0.00 March 18 75 @ $60.60 @ @ $50.60 $55.60 $556 $60.60 @ March 25 March 29 Totals $ 0.00 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 55 units from beginning inventory and 185 units from the March 5 purchase; the March 29 sale consisted of 35 units from the March 18 purchase and 75 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) Gross Margin Sales Less: Cost of goods X Answer is complete but not entirely correct. FIFO LIFO Avg. Cost Spec. ID $ 31,060 $ 31,060 $ 31,060 $ 31,060 23,927.00$ 20,094.00% 19,641.180 15,190.00% $ 7,133 X $ 10,966 X $ 11,419 $ 15,870 X sold Gross profit