Required information Problem 6-1A 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 Units Acquired at Cost 210 units @ $53.20 per unit 280 units @ $58.20 per unit 370 units @ $88.20 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 140 units @ $63.20 per unit 260 units @ $65.20 per unit 240 units @ $98.20 per unit 610 units 890 units Problem 6-1A Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (6) 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. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased Cost # of Date units per unit March 1 # of units sold Cost of Goods Sold Cost Cost of Goods per Sold unit # of units Inventory Balance Cost # of units Inventory per Balance unit $ 210 @ 53.20 $ 11, 172.00 = March 5 280 @ $ 58.20 210 @ = $ 11,172.00 280 @ 16,296.00 $ 53.20 $ 58.20 $ 56.06 $ 56.06 Average 490 $ 27,468.00 March 9 370@ $ 56.06 $ 20,742.20 -370 X @ March 18 140 @ $ 63.20 -370 @ 40 X @ 56.06 $ 63.20 2,528.00 Average -330 March 25 260 @ $ 65.20 260 260 @ = 16,952.00 65.20 520 @ $ 16,952.00 March 29 240 @ $ 62.55 280 @ $ 62.55 = $ 15,012.00 $35,754.20 $ 17,514.00 Totals Compute the cost assigned to ending inventory using 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. Specific Identification: Goods Purchased # of Cost Date units per unit March 1 # of units sold Cost of Goods Sold Cost Cost of Goods per Sold unit Inventory Balance Cost Inventory # of units per Balance unit $ 210 @ $ 11, 172.00 53.20 210@ $ $ 11, 172.00 53.20 $ 210 X @ 12,222.00 58.20 $ 23,394.00 March 5 280 @ $ 58.20 March 9 120 @ $ 6,384.00 -120 X @ @ $ 53.20 $ 58.20 $ 53.20 $ 58.20 250 @ = -250 X @ = 14,550.00 $ 20,934.00 March 18 140 @ $ 63.20 120 X @ $ 6.384.00 140 x @ $ 53.20 $ 58.20 $ 63.20 = 8,148.00 260 X @ 16,432.00 $ 30,964.00 March 25 260 @ 260 X @ = $ 13,832.00 65.20 260 X @ 15.132.00 260 X @ 53.20 $ 58.20 $ 63.20 $ 65.20 16,432.00 260 @ = 16,952.00 $ 62,348.00 March 29 $ 520 11 0.00 $ 27,664.00 X X 100 X @ = 5,820.00 -100 $ 53.20 $ 58.20 $ 63.20 $ 65.20 $ 53.20 $ 58.20 $ 63.20 $ 65.20 140 X @ = 8,848.00 -140 X @ @ II 0.00 c) $ 27,664.00 $ 14,668.00 $ 35,602.00 Totals $ 27,664.00