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can you explain it what you will do please Problem 5-1A (Algo) Periodic: Alternative cost flows LO P1 [The following information applies to the questions
can you explain it what you will do please
Problem 5-1A (Algo) 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 Unito Sold at Retail Data Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at cont 115 units $50 per unit 415 unitse $55 per unit 150 unitae $60 per unit 230 units e $62 per unit 910 unito 435 units & $85 per unit 190 units $95 per unit 625 units For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 385 units from the March 5 purchase; the March 29 sale consisted of 55 units from the March 18 purchase and 135 units from the March 25 purchase. Problem 5-1A (Algo) Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO. () LIFO. (c) weighted average, and (d) specific identification (Round your "average cost per unit to 2 decimal places.) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of of units Cost per Goods of units Cost per Cost of of units in unit Available sold unit Goods Ending anding for Sale Sold Inventory Inventory Beginning inventory $ 0 $ 0.00 $ 0 5 Purchases 0.005 0 March 5 $ 0.00 March 18 $ 0.00 0 0 $ 0.00 0 $ March 25 0.00 0 0 0 Total $ 0.00 0 Cost per 0 0 0 0 b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Goods # of units Available for Sale Cost per # of units sold Cost per unit Cost of Goods Sold # of units in ending Inventory Cost per unit unit Ending Inventory $ 0 Beginning inventory Purchases: March 5 March 18 March 25 Total 0 0 0 0 0 c) Average Cost Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Average Cost of Goods # of units Cost per Available unit for Sale # of units sold Average Cost per Unit Cost of Goods Sold #of units in onding Inventory Average Cost per unit Ending Inventory Beginning inventory Purchases March 5 March 18 March 25 Total $ 0 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 of units sold Cost per Cost of Goods Sold # of units in ending Inventory unit Cost per unit Ending Inventory $ 0 $ 0 Beginning inventory Purchases March 5 March 18 March 25 Total 0 0 0 0 0 0 0 Step by Step Solution
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