Check 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 Date Activities Units Acquired at Cost Mar 1 Beginning inventory 700 units 350 per unit Mar 5 Purchase 400 units 555 per unit Mar Sales 420 unitse sus per unit Mar. 18 Purchase 120 units 360 per unit Mar. 25 Purchase 200 units 562 per unit Mar 29 Sales 100 units per unit Totals 820 units 530 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 Problem 5-1A (Static) Part 3 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.) Help Required information a) Periodie Firo Costol Goods Soll! Ending Inventory Cost of Goods Avallable for sale Cost of of units Cost per unit Goods Available for Sale 100 $ 50.00 55,000 of units sold Cost per unit Cost of Goods Sold of units in onding Cost per unit Inventory Ending Inventory 5 0 $ 0.005 0 Beginning inventory Purchases March 5 March 18 March 25 Total $ 0.00 400 $ 5500 120 $ 60.00 2005 6200 820 0 22.000 7200 12,400 $ 46,600 0 0 0 0 Costar Gondy Sold finding tintory Cart of Goods Available for sale Cost of of units Cost per unit Goods Available for Sale 1005 50.00 55,000 of units sold Cost per unit Cost of Goods Sold of units in ending Cost per unit Inventory Ending Inventory Beginning inventory Purchases March 5 March 18 March 25 Total 400 $ 120 $ 2005 820 5500 60.00 6200 22.000 7.200 12.400 $ 46,600 0 c) Average Cost Cost of Goods Sold Finding Inventory Cost of Goods Available for Sale Cost of W of units Average Goods Cost per unit Available for Sale 100 $ 5,000 # of units Average Cost sold per Unit Cost of Goods Sold of units In ending inventory Average Cost Ending Inventory per unit Beginning inventory Purchases March 5 March 18 March 25 Total 400 120 200 820 22.000 7200 12,400 $ 46,600 5 0 j) specie Cost of Goods Available for Sale Cost of Goods Sold Eventory of units Cost per unit Cost of # of units Cost per unit Goods Available for Sale 100 50.00 55.000 sold Cost of Goods Sold of units In ending Cost per unit Inventory Ending Inventory $ 5000 5 0 Beginning inventory Purchases March 5 March 18 March 25 Total 0 0 400 5 1205 2005 B20 55.00 60.00 6200 0 22.000 7.200 12,400 $ 46,600 $ s $ 55 00 60.00 62.00 0 0 0 0 0