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[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
March 1
March 5
March 9
March 18
March 25
March 29
Date
Perpetual FIPCI Perpetual LIPO Weighted Average Specific l
March 1
Compute the cast assigned to erading inventory using FIPC).
March 5
Total March 5
Complete this question by entering your answers in the tabs below.
March 9
Total March 9
March 18
3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For
specific identification, units sold include 105 units from beginning inventory, 235 units from the March 5 purchase, 85 units from the
March 18 purchase, and 125 units from the March 25 purchase.
Total March 18
Activities
March 25
Beginning inventory
Purchase
Sales
Total March 25
Purchase
Purchase
Sales
Totals
March 29
Total March 29
Totals
Goods Purchased
#
of units Cost
per unit
Units Acquired at Cost
180 units @ $52.60 per unit
265 units @ $57.60 per unit
# of units
sold
125 units @ $62.60 per unit
230 units @ $64.60 per unit
T
800 units
unite
Perpetual FIFO
Cost of Goods Sold
Cost
per unit
S
< Perpetual FIFO
Cost of Goods Sold of units
#
180 at
0.00
348 units @ $87.68 per unit
Units Sold at Retail
218 units @ $97.68 per unit
558 units
T
Inventory Balance
Cost
COST
per unit
T
Inventory
Balance
$52.00$ 9,408.00
Perpetual LIFO >
T
Fig: 1