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[The following information applies to the questions displayed below.] uses a perpetual inventory system. It entered into the following purchases and sales transactions Warnerwoods Company for March. Units Acquired at Cost 210 units @ $53.20 per unit 280 units e $58.20 per unit Units Sold at Retail Date Activities 1 Beginning inventory 5 Purchase 9 Sales Mar. Mar. 370 units e $88.20 per unit Mar. 140 units @ $63.20 per unit 260 units $65.20 per unit Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 240 units e $98.20 per unit 610 units 890 units Totals 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 120 units from beginning inventory and 250 units from the March 5 purchase; the March 29 sale consisted of 100 units from the March 18 purchase and 140 units from the March 25 purchase. of 4 Perpetual FIFO: Goods Purchased Cost Cost of Goods Sold Inventory Balance Cost Cost # of units # of units sold Cost of Goods Sold Date Inventory Balance per unit # of units per unit per unit S March 1 $ 11,172.00 210@ 53.20 March 5 280@ $ 3,724.00 70@ 58.20 53.20 S 280@ 16,296.00 58.20 $ 20,020.00 $ 53.20 March 9 S 0.00 53.20 $ 58.20 0.00 58.20 S 140 @ March 18 S 63.20 53.20 n $ 58.20 3,724.00 280@ 16,296.00 140 @ 8,848.00 63.20 S 28,868.00 March 25 250@ 70@ 65.20 53.20 3,724.00 $ 280@ 58.20 =16,296.00 140@ 63.20 8,848.00 S 260 @ 16,952.00 65.20 $ 45,820.00 March 29 S 53.20 $ 0.00 53.20 0.00 58.20 58.20 45,820.00 $ 53.20 March 29 $ 53.20 $ 58.20 $ 63.20 $ 65.20 0.00 0.00 58.20 $ 63.20 0.00 $ 0.00 65.20 Totals $ 0.00 Perpetual FIFO Perpetual LIFO>

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