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b) Periodic LIFO begin{tabular}{|l|r|r|r|r|r|} hline multirow{2}{*}{} & multicolumn{2}{|c|}{ Cost of Goods Available for Sale } & multicolumn{2}{|c|}{ Cos } cline { 2 - 8
b) Periodic LIFO \begin{tabular}{|l|r|r|r|r|r|} \hline \multirow{2}{*}{} & \multicolumn{2}{|c|}{ Cost of Goods Available for Sale } & \multicolumn{2}{|c|}{ Cos } \\ \cline { 2 - 8 } & & & & Cost of \# of units Cost per unit Available for Sale & \# of units sold \\ \hline Beginning inventory & 100 & $ & 50.00 & $5,000 & \\ \hline Purchases: & & & & & \\ \hline March 5 & 400 & $ & 55.00 & 22,000 & \\ \hline March 18 & 120 & $ & 60.00 & 7,200 & \\ \hline March 25 & 200 & $ & 62.00 & 12,400 & \\ \hline Total & 820 & & $46,600 & \\ \hline \end{tabular} 1. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific dentification. (Round your "average cost per unit" to 2 decimal places.) \begin{tabular}{|l|r|r|r|r|r|r|r|} \hline March 5 & 400 & 22,000 & & & & & \\ \hline March 18 & 120 & 7,200 & & & \\ \hline March 25 & 200 & 12,400 & & \\ \hline Total & 820 & $46,600 & & \\ \hline \end{tabular} d) Specific Identification Required information [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. For specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific dentification. (Round your "average cost per unit" to 2 decimal places.)
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