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Item 3

Item 3 Part 3 of 4 2.85 points

Required information

[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.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Mar.

1

Beginning inventory

210

units

@ $53.20 per unit

Mar.

5

Purchase

280

units

@ $58.20 per unit

Mar.

9

Sales

370

units

@ $88.20 per unit

Mar.

18

Purchase

140

units

@ $63.20 per unit

Mar.

25

Purchase

260

units

@ $65.20 per unit

Mar.

29

Sales

240

units

@ $98.20 per unit

Totals

890

units

610

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 120 units from beginning inventory and 250 units from the March 5 purchase; the March 29 sale consisted of 100 units from the March 18 purchase and 140 units from the March 25 purchase.

Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased # of Cost per # of units units unit sold Cost of Goods Sold Cost percutor er Cost of Goods Sold Date Inventory Balance # of units Cost per Inventory unit Balance 210 @ $53.20 = $ 11,172.00 March 1 March 5 March 9 March 18 March 25 March 29 Totals