FIND:

a. FIFO

b. LIFO

c. WEIGHTED AVG

d. SPECIFIC ID

Required information Problem 5-1A 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 Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at Cost 240 units @ $53.80 per unit 295 units @ $58.80 per unit 155 units @ $63.80 per unit 290 units @ $65.80 per unit 400 units @ $88.80 per unit 980 units 270 units @ $98.80 per unit 670 units Problem 5-1A 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 135 units from beginning inventory and 265 units from the March 5 purchase; the March 29 sale consisted of 115 units from the March 18 purchase and 155 units from the March 25 purchase. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold # of Cost per # of units Cost per Cost of Goods Sold units unit sold unit March 1 Date Inventory Balance Cost per Inventory # of units unit Balance 240 @ $53.80 = $ 12,912.00 March 5 March 9 March 18 March 25 March 5 March 9 March 18 March 25 March 29 Totals $ 0.00