Question

Required information

Problem 6-1A Perpetual: Alternative cost flows LO P1

[The following information applies to the questionsdisplayed below.]

Warnerwoods Company uses a perpetual inventory system. It enteredinto the following purchases and sales transactions forMarch.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Mar.

1

Beginning inventory

100

units

@ $50.00 per unit

Mar.

5

Purchase

400

units

@ $55.00 per unit

Mar.

9

Sales

420

units

@ $85.00 per unit

Mar.

18

Purchase

120

units

@ $60.00 per unit

Mar.

25

Purchase

200

units

@ $62.00 per unit

Mar.

29

Sales

160

units

@ $95.00 per unit

Totals

820

units

580

units

3. Compute the cost assigned to endinginventory using (a) FIFO, (b) LIFO, (c)weighted average, and (d) specific identification. Forspecific identification, the March 9 sale consisted of 80 unitsfrom beginning inventory and 340 units from the March 5 purchase;the March 29 sale consisted of 40 units from the March 18 purchaseand 120 units from the March 25 purchase.

Complete this questions by entering your answers in thebelow tabs.

Perpetual FIFO

Perpetual LIFO

Weighted Average

Specific Id

Compute the cost assigned to ending inventory using FIFO.

Perpetual FIFO:

Goods Purchased

Cost of Goods Sold

Inventory Balance

Date

# of units

Cost per unit

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

March 1

100

@

$50.00

=

$5,000.00

March 5

March 9

March 18

March 25

March 29

Totals

$0.00

$0.00

Complete this questions by entering your answers in thebelow tabs.

Perpetual FIFO

Perpetual LIFO

Weighted Average

Specific Id

Compute the cost assigned to ending inventory using LIFO.

Perpetual LIFO:

Goods Purchased

Cost of Goods Sold

Inventory Balance

Date

# of units

Cost per unit

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

March 1

100

@

$50.00

=

$5,000.00

March 5

March 9

March 18

March 25

March 29

Totals

$0.00

Perpetual FIFO

Weighted

Complete this questions by entering your answers in thebelow tabs.

Perpetual FIFO

Perpetual LIFO

Weighted Average

Specific Id

Compute the cost assigned to ending inventory using weightedaverage. (Round your average cost per unit to 2 decimalplaces.)

Weighted Average Perpetual:

Goods Purchased

Cost of Goods Sold

Inventory Balance

Date

# of units

Cost per unit

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

March 1

100

@

$50.00

=

$5,000.00

March 5

Average

March 9

March 18

Average

March 25

March 29

Totals

$0.00

Perpetual LIFO

Compute the cost assigned to ending inventory using specificidentification. For specific identification, the March 9 saleconsisted of 80 units from beginning inventory and 340 units fromthe March 5 purchase; the March 29 sale consisted of 40 units fromthe March 18 purchase and 120 units from the March 25 purchase.

Specific Identification:

Goods Purchased

Cost of Goods Sold

Inventory Balance

Date

# of units

Cost per unit

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

March 1

100

@

$50.00

=

$5,000.00

March 5

March 9

March 18

March 25

March 29

Totals

$0.00

Weighted Average

Sp