Required information Problem 5-2AA (Algo) Perpetual: Alternative cost flows LO P3 [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 Activities Beginning inventory Units Acquired at Cost 80 units Units Sold at Retail $50.60 per unit March 5 Purchase 215 units $55.60 per unit March 9 Sales 240 units @ $85.60 per unit March 18 March 25 Purchase Purchase 75 units 130 units $60.60 per unit $62.60 per unit March 29 Sales Totals 500 units 110 units $95.60 per unit 350 units oblem 5-2AA (Algo) Part 3 Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For ecific identification, the March 9 sale consisted of 55 units from beginning inventory and 185 units from the March 5 purchase; th rch 29 sale consisted of 35 units from the March 18 purchase and 75 units from the March 25 purchase. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Cost per unit Inventory Balance $ 50.60= $ 4,048.00 Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units 80 @ March 1 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 Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per Cost of Goods Sold # of units Inventory Balance Cost per Inventory unit unit Balance 80 @ $ 50.60 = $ 4,048.00 March 11 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 < Perpetual FIFO Weighted Average > 10 Goods Purchased Cost of Goods Sold Date Cost per of units of units sold Cost per unit Cost of Goods Sold of smits Inventory Balance Cost per Inventory Balanc 805 50 60 4048 00 March 1 March 5 Average March 5 March March 18 Average March 18 March 25 Average March 16 March 29 Totals Perpetual LIFO Specific id > Specific Identification: Goods Purchased Date # of units Cost per unit # of units sold March 1 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 Cost of Goods Sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per Inventory Balance unit 80 @ $ 50.60 = $ 4,048.00