! Required Information Problem 5-1A (Algo) 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. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit Units Sold at Retail 250 units @ $85.80 per unit 80 units @ $60.80 per unit 140 units @ $62.80 per unit 530 units 120 units @ $95.80 per unit 370 units Problem 5-1A (Algo) 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, units sold include 60 units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the March 25 purchase. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. March 1 Perpetual FIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance 90 at $ 50.80= $ 4,572.00 March 5 Total March March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals $ 0.00 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using LIFO. March 1 Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date Cost per # of units # of units unit sold Cost per unit Cost per Inventory Cost of Goods Sold # of units unit Balance 90 at $ 50.80= $ 4,572.00 March 5 Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals $ 0.00 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using weighted average. Note: Round your average cost per unit to 2 decimal places. March 1 March 5 Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per Cost per unit Cost of Goods Sold # of units Inventory Balance unit 90 at $ 50.80= $ 4,572.00 Average March 5 March 9 March 18 Average March 18 March 25 Average March 25 March 29 Totals S 0.00 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 60 units from beginning inven units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the March 25 purchase. March 1 March 5 Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory Date # of units Cost per unit Cost of Goods Available for Sale # of units Cost per sold unit Cost of Goods Sold # of units in ending Cost per unit Ending Inventory inventory $ 0 S 0.00 $ 0 $ 0.00 $ 0 0 0.00 0 0.00 0 0 0.00 0 0.00 0 0 0.00 0 0 $ 0 $ 0 0 $ 0 March 18 March 25 Total < Weighted Average Specific Id