Question

I need FIFO, LIFO, Weighted Average, Specific Id

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 Units Sold at Retail Units acquired at Cost 110 units @ $51.20 per unit 230 units @ $56.20 per unit 270 units @ $86.20 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 90 units @ $61.20 per unit 160 units @ $63.20 per unit 140 units @ $96.20 per unit 410 units 590 units . Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (C) weighted average, and (d) specific identification. For pecific identification, the March 9 sale consisted of 70 units from beginning inventory and 200 units from the March 5 purchase; the March 29 sale consisted of 50 units from the March 18 purchase and 90 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id

Answer 1

FIFO: Under the FIFO method, it is assumed that the goods purchased first are the goods sold first. So the ending inventory would represent the goods purchased later in point of time.
LIFO: Under the LIFO method, it is assumed that the goods purchased last are the goods sold first. So the ending inventory would represent the goods which are purchased first in point of time.
Average cost: Under the average cost method, average cost per unit is found for units available for sale and the average cost arrived is used to calculate ending inventory and cost of goods sold.

FIFO Date Mar, 1 Goods Purchased #of Units Cost per unit Cost of Goods Sold Cost per unit # of Units sold Cost of goods sold # of Units 110 @ 110 @ Inventory Balance Cost per unit Inventory balance $ 51.20 = 5,632.00 $ 51.20 = 5,632.00 $ 56.20 = 12,926.00 230 @ $ 56.20 Mar,5 Mar, 9 110 @ 160 @ $ $ 51.20 56.20 = 5,632 8,992 70 @ $ 56.20 70 @ $ $ II1 56.20 Mar, 18 90 @ $ 61.20 90 @ $ = 61.20 56.20 3,934.00 3,934.00 5,508.00 3,934.00 5,508.00 10,112.00 II 160 @ $ 63.20 $ 63.20 II Mar, 25 Mar, 29 70 @ 70 @ $ $ 56.20 = 61.20 = $ $ 3,934 4,284 20 @ @ $ $ $ 61.20 63.20 = 1111 1,224.00 Ending Inventory 10,112.00 Ending Inventory 11,336.00 410 $ 22,842 180

LIFO Date Mar, 1 Goods Purchased #of Units Cost per unit Cost of Goods Sold Cost per unit #of Units sold Cost of goods sold # of Units 110 Inventory Balance Cost per unit Inventory balance $ 51.20 = 5,632.00 $ 51.20 5,632.00 $ 56.20 = 12,926.00 $ 51.20 = 3,584.00 230 @ $ 56.20 Mar, 5 Mar, 9 70 @ 40 @ 230 @ $ $ 51.20 = 56.20 = $ $ 2,048 12,926 Mar, 18 90 @ $ 70 @ 90 @ 61.20 $ $ $ $ 51.20 = 61.20 51.20 = 61.20 = 63.20 90 @ IL LLLLLLL Mar, 25 160 @ $ 63.20 3,584.00 5,508.00 3,584.00 5,508.00 10,112.00 3,584.00 Ending Inventory 5,508.00 Ending Inventory 1,264.00 Ending Inventory 10,356.00 51.20 61.20 63.20 Mar, 29 @ $ 63.20 = $ $ 140 410 8,848 23,822

Weighted Average Date Mar, 1 Mar, 5 Mar, 9 Goods Purchased Cost of Goods Sold # of Units Cost per unit # of Units sold cost per unit Cost of goods sold # of Units 110 @ 110 @ 230 @ $ 56.20 230 @ Weighted Average cost = Total inventory balance $ 18,558 / Total units 340 270 @ $ 54.58 = $ 14,737 @ 70 @ 90 @ $ 61.20 90 @ | Weighted Average cost = Total inventory balance $ 13,030.33 / Total units 220 160 @ 160 @ $ 63.20 160 @ Weighted Average cost = Total inventory balance $ 27,198.33 / Total units 440 320 @ 140 @ $ 60.75 = 8,505 180 @ 410 23,243 180 Inventory Balance Cost per unit Inventory balance $ 51.20 = 5,632.00 $ 51.20 5,632.00 $ 56.20 12,926.00 54.58 18,558.00 $ 54.58 3,820.76 $ 54.58 3,820.76 $ 61.20 = 5,508.00 58.30 9,328.76 $ 58.30 9,328.76 $ 63.20 10,112.00 $ 60.75 19,440.76 $ 60.75 10,935.43 Ending Inventory 10,935.43 Mar, 18 Mar, 25 Mar, 29

Specific identificati Date Mar, 1 Goods Purchased #of Units Cost per unit Cost of Goods Sold Cost per unit # of Units sold Cost of goods sold # of Units 1999 $ 56.20 70 @ 200 @ $ $ 51.20 = 56.20 = $ 3,584 11,240 51.20 $ 61.20 Mar, 5 230 @ Mar, 9, out of beginning inventory out Mar, 5 purchase Mar, 1 Mar, 5 Mar, 18 90 @ Mar, 1 Mar, 5 Mar, 18 Mar, 25 160 @ Mar, 1 Mar, 5 Mar, 29, out of Mar, 18 purchase Mar, 29 out of Mar, 25 purchase viausiuosius Inventory Balance Cost per unit Inventory balance 51.20 = 5,632 $ 51.20 5,632 56.20 12,926 51.20 2,048 56.20 1,686 2,048 1,686 5,508 2,048 1,686 5,508 10,112 2,048 Ending Inventory 56.20 = 1,686 Ending Inventory 61.20 2,448 Ending Inventory 63.20 4,424 Ending Inventory 10,606 IIIIIIIIIIIIIIIIIIIIIIIIIIII 56.20 $ 63.20 50 @ = $ 61.20 63.20 90 l $ = 3,060 5,688 23,572 4101