3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (Round your average cost per unit to 2 decimal places.)

Required Information Problem 5-1A (Static) Periodic: Alternative cost flows LO P1 The following information applies to the questions displayed below.) Warnerwoods Company uses a periodic Inventory system. It entered into the following purchases and sales transactions for March Activities Units Acquired at cost Units sold at Retail 1 Beginning inventory 100 units @ $50 per unit 400 units @ $55 per unit 420 units @ $85 per unit Mar. 18 Purchase 120 units @ $60 per unit 200 units @ $62 per unit 160 units @ $95 per unit 580 units Date Mar. Mar. Mar. 5 Purchase 9 Sales Mar 25 Purchase Mar. 29 Sales Totals 820 units For specific identification, the March 9 sale consisted of 80 units from beginning Inventory and 340 units from the March 5 purchase, the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. Required information a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit # of units sold Cost per Cost of Goods Available for Sale 50.00 S 5.000 Cost of Goods Sold Cost per unit # of units in ending inventory unit Ending Inventory 100$ 80$ 50.00 $ 4,000 240 $ 50.00 $ 12,000 500 $ 55.00 Beginning inventory Purchases: March 5 March 18 March 25 Total 4005 120ls 200$ 820 55.00 60.00 62.00 22.000 7,200 12.400 $ 48,600 340 X $ 40$ 120 S 580 55.00 80.00 62.00 18.700 2,400 7,440 532.540 27.500 0 0 $ 39,500 740 b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost per Cost per Cost of Goods Available for Sale Cost of #of Goods units unit Available for Sale 100 S 50.00 S 5,000 # of units sold Cost per Cost of Goods Sold unit # of units in ending inventory unit Ending Inventory Beginning inventory Purchases: March 5 March 18 March 25 Total 400 120 200 S 55.00 $ 60.00 $ 62.00 22.000 7.200 12.400 $ 48,600 820 0 0 c) Average Cost Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of Average Goods units Cost per unit Available for Sale 100 s 5.000 # of units sold Average Cost per Unit Cost of Goods Sold # of units in ending inventory Average Cost per Ending Inventory unit Beginning inventory Purchases: March 5 March 18 March 25 Tota 400 120 200 820 22.000 7,200 12,400 $ 46,600 0 d) Specific Identification Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of Goods units unit Available for Sale 100 $ 50.00 S 5.000 Cost per # of units sold Cost per Cost of Goods Sold Cost per unit # of units in ending inventory unit Ending Inventory 0 $ 50.00 S 0 Beginning inventory Purchases: March 5 March 18 March 25 Total 400 120 200 820 $ 55.00 $ 60.00 $ 62.00 0 0 22.000 7.200 12.400 $ 46,600 $ 5 S 55.00 80.00 62.00 0 0 0 0 0