? ezto.mheducation.com/hm.tpx E connect ACCOUNTING ERM /The following informatio

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? ezto.mheducation.com/hm.tpx E connect ACCOUNTING ERM /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. ts Sold at Retal 240 unts @ $85 60/unit 110 units $9560/unit its Acquired at 80 units a $50.60/unit 215 units @ $55.6?unit Activities Mar. 1 Beginning Inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar 25 Purchase Mar. 29 Sales 75 units @ $60.60 unit 130 units $62.60/unit Totals 500 units 350 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 55 units from beginning inventory and 185 units from the March 5 purchase, the March 29 sale consisted of 35 units from the March 18 purchase and 75 units from the March 25 purchase. (Round your average cost per unit to 2 decimal places.) Perpetual FIFO: Goods purchased Cost of Goods Sold

Explanation / Answer

3 a) FIFO Perpetual

3. b) LIFO Perpetual

3. c) Weighted Average Perpetual

3. d) Specific Identification Perpetual

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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 1-Mar 80 50.6 $4,048 5-Mar 215 55.6 80 50.6 $4048 215 55.6 $11,954 9-Mar 80 50.6 $4,048 55 55.6 $3,058 160 55.6 $8,896 18-Mar 75 60.6 55 55.6 3058 75 60.6 $4,545 25-Mar 130 62.6 55 55.6 3058 75 60.6 4,545 130 62.6 8138 29-Mar 55 55.6 3058 20 $60.6 $1,212 55 60.6 3333 130 $62.6 $8,138 Totals $19,335 $9,350

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