# Question 3 warnerwoods company uses a perpetual

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Question #3 Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. (For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.) 1. Compute cost of goods available for sale and the number of units available for sale.
2. Compute the number of units in ending inventory.
3. Compute the cost assigned to ending inventory using ( a ) FIFO, ( b ) LIFO, ( c ) weighted average, and ( d ) specific identification. (Round all amounts to cents.)
Perpetual FIFO: Goods purchased Cost of goods sold Inventory balance Date # of units Cost per unit # of units sold Cost per unit Cost of goods sold # of units Cost per unit Inventory balance March 1 [email protected] \$50.00= \$5,000 March 5 400 @ \$55.00 [email protected] \$50.00= \$5,000 [email protected] \$55.00= \$22,000 \$27,000 March 18 120 @ \$60.00 @ \$50.00 [email protected] \$55.00= \$4,400 [email protected] \$60.00= \$7,200 \$11,600 March 25 200 @ \$62.00 @ \$50.00 [email protected] \$55.00= \$4,400 [email protected] \$60.00= \$7,200 \$11,600 March 29 @ \$50.00= \$0.00 @ \$50.00 [email protected] \$55.00= \$4,400 @ \$55.00 [email protected] \$60.00= \$4,800 [email protected] \$60.00= \$2,400 @ \$62.00= 0.00 [email protected] \$62.00= \$12,400 \$9,200 \$14,800 Totals \$31,800 \$14,800
Perpetual LIFO: Goods purchased Cost of goods sold Inventory balance Date # of units Cost per unit # of units sold Cost per unit Cost of goods sold # of units Cost per unit Inventory balance March 1 [email protected] \$50.00= \$5,000 March 5 400 @ \$55.00 [email protected] \$50.00= \$5,000 [email protected] \$55.00= \$22,000 \$27,000 March 9 [email protected] \$50.00= \$1,000 [email protected] \$50.00= \$4,000 [email protected] \$55.00= \$22,000 @ \$55.00= \$23,000 \$4,000 March