Question: please help me fix this I would really appreciate it if you could explain the process for the wrong item [The following information applies to

please help me fix this I would really appreciate it if you could explain the process for the wrong item

[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 100 units @ $51.00 per unit
Mar. 5 Purchase 400 units @ $56.00 per unit
Mar. 9 Sales 420 units @ $86.00 per unit
Mar. 18 Purchase 120 units @ $61.00 per unit
Mar. 25 Purchase 200 units @ $63.00 per unit
Mar. 29 Sales 160 units @ $96.00 per unit
Totals 820 units 580 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 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.please help me fix this I would really appreciate it if you(b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.

Perpetual LIFO: Goods Purchased Cost # of units per unit # of units Cost of Goods Sold Cost Cost of Goods per Sold unit Date sold Inventory Balance Cost # of units Inventory per Balance unit $ 100 @ 51.00 $ 5,100.00 March 1 = March 5 400 @ $ 56.00 100 @ = $ 5,100.00 IS 51.00 $ 56.00 400 @ 22,400.00 $27,500.00 March 9 340 X @ $ 17,340.00 80 @ $ 4,080.00 $ 51.00 $ 56.00 S 51.00 $ 56.00 340 X @ 19.040.00 0@ = $ 36,380.00 $ 4,080.00 0 March 18 120 @ $ 61.00 o 80 @ $ 51.00 $ 4,080.00 0@ 120 @ 56.00 $ 61.00 7,320.0 $ 11,400.00 March 25 200 @ 80 @ = $ 4,080.00 63.00 @ $ 51.00 $ 56.00 $ 61.00 $ 63.00 120 @ 7,320.00 200@ 12,600.00 $ 24,000.00 March 29 0 @ Is 0.00 oxl@ $ 51.00 40 X @ 2,240.00 0@ 56.00 $ 51.00 $ 56.00 $ 61.00 $ 63.00 80 X @ 4,880.00 40 X @ 2,440.00 61.00 S 63.00 0X @ 0.00 200 Xl @ 12,600.00 $ 7,120.00 $ 15,040.00 Totals $ 43,500.00 $ 15,040.00

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