b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale 130 S 65.00 S 8.450 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning inventory Purchases: March 5 March 18 March 25 Total 430 180 260 1,000 S $ S 70.00 75.00 77.00 30,100 13,500 20.020 S 72,070 c) Average Cost Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Average #of units Goods Cost per Available unit for Sale 130 $ 8.450 # of units sold Average Cost per Unit Cost of Goods # of units Average in ending Cost per Inventory unit Ending Inventory 430 Beginning inventory Purchases: March 5 March 18 March 25 Total 180 30,100 13,500 20.020 $ 72,070 260 1,000 $ 72.07 670 $ 72.07 $ 48,287 S 72.07 S 0 d) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale S 8.450 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory L 130 S 65.00 S 65.00 S 0 S 65.00 5 0 Beginning inventory Purchases: March 5 March 18 March 25 Total 430 180 260 1,000 $ $ $ 70.00 75.00 77.00 0 01 30,100 13,500 20,020 S 72,070 $ 70.00 S 75.00 5 77. 00 S 70.00 S75.00 $ 77.00 0 0 0 Required Information Problem 6-2AA Periodic: Alternative cost flows LO P3 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 Units Sold at Retail Units Acquired at Cost 130 units @ $65 per unit 430 units @ $70 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 450 units @ $100 per unit 180 units @ $75 per unit 260 units @ $77 per unit 220 units @ $110 per unit 670 units Totals 1.000 units For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 380 units from the March 5 purchase, the March 29 sale consisted of 70 units from the March 18 purchase and 150 units from the March 25 purchase. Problem 6-2AA Part 3 3. Compute the cost assigned to ending Inventory using (a) FIFO. (D) LIFO. (c) weighted average, and (d) specific identification. (Round your average cost per unit to 2 decimal places.) a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost per unit Cost of Goods # of units Available I sold for Sale S 8.450 130 Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory 130 65.00 $ 65.00 S 8.450 0 S 0.00 S 0 Beginning inventory Purchases: March 5 March 18 March 25 Total S S S 70.00 75.00 77.00 430 110 $ S 430 180 260 1,000 70.00 75.00 30,100 3,250 30,100 13,500 20.020 $ 72,070 0 70 260 $ $ S 0.00 75.00 77.00 0 5,250 20.020 $ 25,270 670 $ 46,800 330
