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.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Mar.

1

Beginning inventory

190

units

@ $52.80/unit

Mar.

5

Purchase

270

units

@ $57.80/unit

Mar.

9

Sales

350

units

@ $87.80/unit

Mar.

18

Purchase

130

units

@ $62.80/unit

Mar.

25

Purchase

240

units

@ $64.80/unit

Mar.

29

Sales

220

units

@ $97.80/unit

Totals

830

units

570

units

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Mar.

1

Beginning inventory

190

units

@ $52.80/unit

Mar.

5

Purchase

270

units

@ $57.80/unit

Mar.

9

Sales

350

units

@ $87.80/unit

Mar.

18

Purchase

130

units

@ $62.80/unit

Mar.

25

Purchase

240

units

@ $64.80/unit

Mar.

29

Sales

220

units

@ $97.80/unit

Totals

830

units

570

units

Problem 6-1A Part 1 Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for sale Cost of Goods Available for Sale Beginning Inventory # of Units Cost Per Unit Cost of Goods Available for sale Purchases March 5 March 18 March 25 Total 2. value: 0.44 points Required information Problem 6-1A Part 2 2. Compute the number of units in ending inventory. Ending Inventory Units Problem 6-1A Part 3 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 110 units from beginning inventory and 240 units from the March 5 purchase; the March 29 sale consisted of 90 units from the March 18 purchase and 130 units from the March 25 purchase. (Round your average cost per unit to 2 decimal places.)