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. DateActivitiesUnits Acquired at CostUnits Sold at Retail Mar.1 Beginning inventory 110units@ $51.20 per unit Mar.5 Purchase 230units@ $56.20 per unit Mar.9 Sales 270units@ $86.20 per unit Mar.18 Purchase 90units@ $61.20 per unit Mar.25 Purchase 160units@ $63.20 per unit Mar.29 Sales 140units@ $96.20 per unit Totals 590units 410units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 200 units from the March 5 purchase; the March 29 sale consisted of 50 units from the March 18 purchase and 90 units from the March 25 purchase. I have the answers but I want to make sure it is correct please. RequiredPerpetualLIFOWeightedAverageSpecific IdPerpetualFIFOCompute the cost assigned to ending inventory using LIFO.Perpetual LIFO:Inventory BalanceCost of Goods SoldCost perGoods PurchasedCost perunitInventoryBalance# of unitsCost per # of units soldunit# ofCost of Goods SoldDateunitunits110$ 51.20$45,632.00!!March 1110$ 51.20 =5,632.00March 5230 @$ 56.20230$ 56.20 =12,926.00$ 18,558.00$ 51.202,048.0070$ 51.203,584.0040%3DMarch 9$ 56.2012,926.00$ 56.20230$ 14,974.003,584.0070$ 51.20 =$3,584.00March 1890 @$ 61.20$ 56.20$ 61.200.905,508.002$9,092.00160 @$ 63.2070$ 51.203,584.00March 25$ 56.2090S 61.205,508.00160$ 63.2010,112.00$ 19,204.00@$ 51.20240.0070$ 51.20 =3,584.00%3DMarch 29$ 56.200.00$ 56.20%3D90 @$ 61.20$ 63.20$ 61.20$ 63.200| @0 005,508.00140 @8,848.0020 @1,264.00!!8,848.00$ 10,356.00Totals$ 23,822.00$ 10,356.00%24I|||%24 Compute the cost assigned to ending inventory using HIInventory BalanceCost perunitPerpetual FIFO:Cost of Goods SoldGoods PurchasedCost perunitInventoryBalance# of units# ofCost per Cost of Goods Soldunit# of units soldDate110 @$ 51.20$5,632.00unitsMarch 1110 @$ 51.20 =$ 5,632.00March 5230 @$ 56.20230 @$ 56.2012,926.00$ 18,558.005,632.000 @$ 51.20$ 51.20$ 56.20110 @%3DMarch 970S 56.203,934.00160 @8,992.00%3D$3,934.0014,624.00@$ 51.20March 1890 @$ 61.20$ 56.203,934.007090 @$ 61.205,508.00$ 9,442.00$ 51.20March 25160 @$ 63.2070 @$ 56.203,934.0090$ 61.205,508.00%D160$ 63.20 =10,112.00S 19,554.00$ 51.20$40.00S 51.20March 29$ 56.20S 61.20$ 63.2070$ 56.203,934.0070$ 61.204,284.00201,224.00$ 63.200.00160@10,112.008,218.00$ 11,336.00Totals22,842.00S 11,336.00Perpetual FIrdPerpetual LIFO%24%24OOOO

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Description: 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. DateActivitiesUnits Acquired at CostUnits Sold at Re

LIFO is the inventory valuation method in which inventory that is purchased last will be sold first.…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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

Activities

Units Acquired at Cost

Units Sold at Retail

Mar.

Beginning inventory

110

units

@ $51.20 per unit

Mar.

Purchase

230

units

@ $56.20 per unit

Mar.

Sales

270

units

@ $86.20 per unit

Mar.

Purchase

units

@ $61.20 per unit

Mar.

Purchase

160

units

@ $63.20 per unit

Mar.

Sales

140

units

@ $96.20 per unit

Totals

590

units

410

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 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.

I have the answers but I want to make sure it is correct please.

Required
Perpetual
LIFO
Weighted
Average
Specific Id
Perpetual
FIFO
Compute the cost assigned to ending inventory using LIFO.
Perpetual LIFO:
Inventory Balance
Cost of Goods Sold
Cost per
Goods Purchased
Cost per
unit
Inventory
Balance
# of units
Cost per # of units sold
unit
# of
Cost of Goods Sold
Date
unit
units
110
$ 51.20
$4
5,632.00
!!
March 1
110
$ 51.20 =
5,632.00
March 5
230 @
$ 56.20
230
$ 56.20 =
12,926.00
$ 18,558.00
$ 51.20
2,048.00
70
$ 51.20
3,584.00
40
%3D
March 9
$ 56.20
12,926.00
$ 56.20
230
$ 14,974.00
3,584.00
70
$ 51.20 =
$
3,584.00
March 18
90 @
$ 61.20
$ 56.20
$ 61.20
0.
90
5,508.00
2$
9,092.00
160 @
$ 63.20
70
$ 51.20
3,584.00
March 25
$ 56.20
90
S 61.20
5,508.00
160
$ 63.20
10,112.00
$ 19,204.00
@
$ 51.20
24
0.00
70
$ 51.20 =
3,584.00
%3D
March 29
$ 56.20
0.00
$ 56.20
%3D
90 @
$ 61.20
$ 63.20
$ 61.20
$ 63.20
0| @
0 00
5,508.00
140 @
8,848.00
20 @
1,264.00
!!
8,848.00
$ 10,356.00
Totals
$ 23,822.00
$ 10,356.00
%24
I|||
%24

Compute the cost assigned to ending inventory using HI
Inventory Balance
Cost per
unit
Perpetual FIFO:
Cost of Goods Sold
Goods Purchased
Cost per
unit
Inventory
Balance
# of units
# of
Cost per Cost of Goods Sold
unit
# of units sold
Date
110 @
$ 51.20
$5,632.00
units
March 1
110 @
$ 51.20 =
$ 5,632.00
March 5
230 @
$ 56.20
230 @
$ 56.20
12,926.00
$ 18,558.00
5,632.00
0 @
$ 51.20
$ 51.20
$ 56.20
110 @
%3D
March 9
70
S 56.20
3,934.00
160 @
8,992.00
%3D
$3,934.00
14,624.00
@
$ 51.20
March 18
90 @
$ 61.20
$ 56.20
3,934.00
70
90 @
$ 61.20
5,508.00
$ 9,442.00
$ 51.20
March 25
160 @
$ 63.20
70 @
$ 56.20
3,934.00
90
$ 61.20
5,508.00
%D
160
$ 63.20 =
10,112.00
S 19,554.00
$ 51.20
$4
0.00
S 51.20
March 29
$ 56.20
S 61.20
$ 63.20
70
$ 56.20
3,934.00
70
$ 61.20
4,284.00
20
1,224.00
$ 63.20
0.00
160
@
10,112.00
8,218.00
$ 11,336.00
Totals
22,842.00
S 11,336.00
Perpetual FIrd
Perpetual LIFO
%24
%24
OOOO

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