[The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system....

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[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 100 units @ $50.00 per unit 400 units @ $55.00 per unit Units Sold at Retail 1 Beginning inventory 5 Purchase 9 Sales Mar. Mar. Mar. 420 units @ $85.00 per unit 120 units @ $60.00 per unit 200 units @ $62.00 per unit Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 160 units @ $95.00 per unit Totals 820 units 580 units 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. O Answer is not complete. Weighted Average Perpetual FIFO Perpetual LIFO Specific Id Compute the cost assigned to ending inventory using 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. Specific Identification: Goods Purchased Cost of Goods Sold Inventory Balance Cost Cost Cost # of # of units Cost of Goods # of units Inventory Balance Date per unit per unit per unit $ units sold Sold March 1 100 @ $ 5,000.00 50.00 March 5 March 9 March 18 March 25 March 29 Totals 0.00 < Weighted Average Specific Id > [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 100 units @ $50.00 per unit 400 units @ $55.00 per unit Units Sold at Retail 1 Beginning inventory 5 Purchase 9 Sales Mar. Mar. Mar. 420 units @ $85.00 per unit 120 units @ $60.00 per unit 200 units @ $62.00 per unit Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 160 units @ $95.00 per unit Totals 820 units 580 units 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. O Answer is not complete. Weighted Average Perpetual FIFO Perpetual LIFO Specific Id Compute the cost assigned to ending inventory using 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. Specific Identification: Goods Purchased Cost of Goods Sold Inventory Balance Cost Cost Cost # of # of units Cost of Goods # of units Inventory Balance Date per unit per unit per unit $ units sold Sold March 1 100 @ $ 5,000.00 50.00 March 5 March 9 March 18 March 25 March 29 Totals 0.00 < Weighted Average Specific Id >

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Working Note 1 Calculation of cost of goods sold as pe... View the full answer