[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@ $96.20 per unit Totals 590units 410units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 200 units from the March 5 purchase; the March 29 sale consisted of 50 units from the March 18 purchase and 90 units from the March 25 purchase. I want the correct answers for both pictures please PerpetualFIFOPerpetualLIFOWeightedAverageSpecific IdCompute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.)Weighted Average Perpetual:Inventory BalanceCost perGoods PurchasedCost of Goods SoldCost perunitInventory Balance# ofCostper# of units soldCost of Goods Sold# of unitsunitDateunitsunit110$ 51.205,632.00March 1110$ 51.20$45,632.00%3DMarch 5230 @$ 56.20230@$ 56.2012,926.00%3D340$ 54.5818,558.00AverageMarch 9270@$ 54.58$ 14,736.6070$ 54.593,821.30March 1890 @$ 61.2070 @$ 54.593,821.3090 @$ 61.20 =5,508.00Average160$ 58.31S.9,329.30March 25$ 63.20$ 58.314,081.705,688 009,769.701607090$ 63.20160$ 63.20!!March 2914060.75180$ 60.7610,936.80!!Totals$ 14,736.60< Perpetual IFOSpecific Id%24%24%24%24||| || Required informationWeightedPerpetualFIFOPerpetualLIFOSpecific IdAverageCompute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 70 units froinventory 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 theSpecific Identification:Goods PurchasedCost of Goods SoldInventory BalanceCost perunit17# ofCost per of units sold Cost per Cost of Goods Soldunit# of unitsInventory BalanceDateunitsunitMarch 1110 @$ 51.20 =5,632.00March 5March 9March 18March 25March 29Totals0.00

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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 R

Perpetual inventory system: Under this inventory system, the records of inventory are continuously…

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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 want the correct answers for both pictures please

Perpetual
FIFO
Perpetual
LIFO
Weighted
Average
Specific Id
Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.)
Weighted Average Perpetual:
Inventory Balance
Cost per
Goods Purchased
Cost of Goods Sold
Cost per
unit
Inventory Balance
# of
Cost
per
# of units sold
Cost of Goods Sold
# of units
unit
Date
units
unit
110
$ 51.20
5,632.00
March 1
110
$ 51.20
$4
5,632.00
%3D
March 5
230 @
$ 56.20
230
@
$ 56.20
12,926.00
%3D
340
$ 54.58
18,558.00
Average
March 9
270
@
$ 54.58
$ 14,736.60
70
$ 54.59
3,821.30
March 18
90 @
$ 61.20
70 @
$ 54.59
3,821.30
90 @
$ 61.20 =
5,508.00
Average
160
$ 58.31
S.
9,329.30
March 25
$ 63.20
$ 58.31
4,081.70
5,688 00
9,769.70
160
70
90
$ 63.20
160
$ 63.20
!!
March 29
140
60.75
180
$ 60.76
10,936.80
!!
Totals
$ 14,736.60
< Perpetual IFO
Specific Id
%24
%24
%24
%24
||
| ||

Required information
Weighted
Perpetual
FIFO
Perpetual
LIFO
Specific Id
Average
Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 70 units fro
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
Specific Identification:
Goods Purchased
Cost of Goods Sold
Inventory Balance
Cost per
unit
17
# of
Cost per of units sold Cost per Cost of Goods Sold
unit
# of units
Inventory Balance
Date
units
unit
March 1
110 @
$ 51.20 =
5,632.00
March 5
March 9
March 18
March 25
March 29
Totals
0.00

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