Question

Please fix Perpetual FIFO and Perpetual LIFO. and do the Weighted Average and 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 250 units @ $54.00 per unit 300 units @ $59.00 per unit 410 units@ $89.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 160 units @ $64.00 per unit 300 units @ $66.00 per unit 280 units @ $99.00 per unit 690 units 1,010 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 140 units from beginning inventory and 270 units from the March 5 purchase; the March 29 sale consisted of 120 units from the March 18 purchase and 160 units from the March 25 purchase.

Answer 1

Warner Woods FIFO Perpetual Purchase Per unit cost Total Cost Units Units Date Mar-01 Mar-05 Balance Per unit cost Total Cost 13500 13500 54 300 59 17700 17700 Mar-09 13500 140 8260 250 160 Cost of goods sold Per unit cost Total Cost Units 250 250 300 54 9440 140 160 140 160 300 8260 20 8960 300 Mar-18 160 64 10240 Mar-25 300 66 19800 8260 10240 8260 10240 19800 1280 19800 1280 19800 Mar-29 140 140 64 Mar-31 300 66 Purchases 47740 COGS 40160 Ending 21080 LIFO Perpetual Purchase Per unit cost Total Cost Cost of goods sold Units Per unit cost Total Cost Balance Per unit cost Units Date Mar-01 Mar-05 Units 250 250 300 30059 17700 Total Cost 13500 13500 17700 7560 Mar-09 17700 140 300 110 54 5940 Mar-18 160 64 10240 Mar-25 300 66 19800 Mar-29 280 66 18480 140 160 140 160 300 140 160 20 140 160 20 7560 10240 7560 10240 19800 7560 10240 1320 7560 10240 1320 19120 Mar-31 64 Purchases 47740 COGS Ending

Weighted Average Perpetual Purchase Date Units Per unit cost Total Cost Units Mar-01 Mar-05 300 59 17700 410 Mar-09 Mar-18 160 6 4 10240 Cost of goods sold Per unit cost Total Cost Units 250 250 300 550 56.73 23258 140 140 160 300 300 300 600 63.30 17725 320 320 COGS 40983 Balance Per unit cost Total Cost 54 13500 54 13500 59 17700 56.73 31200 56.73 7942 56.73 7942 64 10240 60.61 18182 60.61 18182 66 19800 63.30 37982 63.30 20257 63.30 20257 Ending 20257 Mar-25 300 66 19800 280 Mar-29 Mar-31 Purchases 47740 Specific Identification Purchase Date Units Per unit cost Total Cost Units Mar-01 Mar-05 30059 17700 Mar-09 140 270 Mar-18 16064 10240 Cost of goods sold Per unit cost Total Cost Units 250 250 300 7560 110 15930 30 110 30 160 110 30 160 300 7680 110 66 10560 30 Mar-25 300 66 19800 Balance Per unit cost Total Cost 13500 13500 17700 5940 1770 5940 1770 10240 5940 1770 10240 19800 5940 1770 2560 9240 5940 1770 64 2560 9240 Ending 19510 Mar-29 120 64 160 Mar-31 30 40 140 66 Purchases 47740 COGS 41730

Gross Margin Sales Less:COGS Gross Profit FIFO 64210 -40160 24050 LIFO 64210 -42120 22090 Avg. Cost 64210 -40983 23227 Spec. ID 64210 -41730 22480