Question

5 Assignment Required Information 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 un soldat e cost 50.20 per unit 555.20 per unit s ce units 205 units Sunits 110 units Activities 1 Beginning inventory Mr. Purchase war Sales Mar. 18 Purchase Mar 25 Purchase 29 Sales Totals 220 units esos. 20 per unit 60.2 per unit 562.20 per unit se units 310 units 595.20 per unit units 3. Compute the cost assigned to ending inventory using (aj FIFO, DUFOd weighted average, and specific identification For specific identification, the March 9 sale consisted of 45 units from beginning inventory and 175 units from the March 5 purchase the March 29 sale consisted of 25 units from the March 18 purchase and 65 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual to Perpetualuro Weighted Specific Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Cost of Goods Sold of its cost per accede Sand Cost March 1 Inventory Balance of s oat per in 60 Q 55020 S 3,012.00 @ 550.20 - 3.01200 205 555 20 11.310 00 2654 1812300 015550 Maths 220 @ March 18 560 20 le $ 60 20 Average March 10 2 0

Answer 1

FIFO	Cost of goods available for sale			Cost of goods sold			Ending Inventory
Mar-01							60	$    50.20	$    3,012
Mar-05	205	$    55.20	$ 11,316				60	$    50.20	$    3,012
							205	$    55.20	$ 11,316
Mar-09				60	$    50.20	$    3,012	45	$    55.20	$    2,484
				160	$    55.20	$    8,832
Mar-18	65	$    60.20	$    3,913				45	$    55.20	$    2,484
							65	$    60.20	$    3,913
Mar-25	110	$    62.20	$    6,842				45	$    55.20	$    2,484
							65	$    60.20	$    3,913
							110	$    62.20	$    6,842
Mar-29				45	$    55.20	$    2,484	20	$    60.20	$    1,204
				45	$    60.20	$    2,709	110	$    62.20	$    6,842
Totals	380		$ 22,071	310		$ 17,037	130		$    8,046
LIFO	Cost of goods available for sale			Cost of goods sold			Ending Inventory
Mar-01							60	$    50.20	$    3,012
Mar-05	205	$    55.20	$ 11,316				60	$    50.20	$    3,012
							205	$    55.20	$ 11,316
Mar-09				205	$    55.20	$ 11,316	45	$    50.20	$    2,259
				15	$    50.20	$        753
Mar-18	65	$    60.20	$    3,913				45	$    50.20	$    2,259
							65	$    60.20	$    3,913
Mar-25	110	$    62.20	$    6,842				45	$    50.20	$    2,259
							65	$    60.20	$    3,913
							110	$    62.20	$    6,842
Mar-29				90	$    62.20	$    5,598	45	$    50.20	$    2,259
							65	$    60.20	$    3,913
							20	$    62.20	$    1,244
Totals	380		$ 22,071	310		$ 17,667	130		$    7,416
Weighted Average - Cost	Cost of goods available for sale			Cost of goods sold			Ending Inventory
Mar-01							60	$    50.20	$    3,012
Mar-05	205	$    55.20	$ 11,316				60	$    50.20	$    3,012
							205	$    55.20	$ 11,316
							265	$    54.07	$ 14,328
Mar-09				220	$    54.07	$ 11,895	45	$    54.07	$    2,433
Mar-18	65	$    60.20	$    3,913				45	$    54.07	$    2,433
							65	$    60.20	$    3,913
							110	$    57.69	$    6,346
Mar-25	110	$    62.20	$    6,842				110	$    57.69	$    6,346
							110	$    62.20	$    6,842
							220	$    59.95	13,188
Mar-29				90	$    59.95	$    5,396	130	$    59.95	$    7,794
Totals	380		$ 22,071	310		$ 17,291	130	$    59.95	$    7,794
Specific Identification	Cost of goods available for sale			Cost of goods sold			Ending Inventory
Mar-01							60	$    50.20	$    3,012
Mar-05	205	$    55.20	$ 11,316				60	$    50.20	$    3,012
							205	$    55.20	$ 11,316
Mar-09				45	$    50.20	$    2,259	15	$    50.20	$        753
				175	$    55.20	$    9,660	30	$    55.20	$    1,656
Mar-18	65	$    60.20	$    3,913				15	$    50.20	$        753
							30	$    55.20	$    1,656
							65	$    60.20	$    3,913
Mar-25	110	$    62.20	$    6,842				15	$    50.20	$        753
							30	$    55.20	$    1,656
							65	$    60.20	$    3,913
							110	$    62.20	$    6,842
Mar-29				25	$    60.20	$    1,505	15	$    50.20	$        753
				65	$    62.20	$    4,043	30	$    55.20	$    1,656
							40	$    60.20	$    2,408
							45	$    62.20	$    2,799
Totals	380		$ 22,071	310		$ 17,467	130		$    7,616