If you could help me with this question that would be greatly appreciated.
Required information [The following information applies to the questions displayed below. ] Warnenivoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 199 units@ $59.69 per unit Mar. 5 Purchase 499 units@ $55.69 per unit Mar. 9 Sales 426 units@ $85.96 per unit Mar. 13 Purchase 129 units@ $69.69 per unit Mar. 25 Purchase 299 units@ $62.69 per unit Mar. 29 Sales 166 unit5@ $95.96 per unit Totals 829 units 586 units , For specic 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. 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO. (c) weighted average, and (d) specific identication. Periodic FIFO Periodic LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Cost per Goods # of units Cost per Cost of # of units # of units Available Goods in ending Cost per Ending unit sold unit unit for Sale Sold inventory Inventory Beginning inventory 100 $ 50.00 $ 5,000 $ 0 100 $ 50.00 $ 5,000 Purchases: March 5 400 $ 55.00 22,000 0 100 $ 55.00 5,500 March 18 120 $ 60.00 7,200 0 120 $ 60.00 7,200 March 25 200 $ 62.00 12,400 0 80 $ 62.00 4,960 Total 820 $ 46,600 0 400 $ 22,660Periodic FIFO Periodic LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using LIFO. b) Periodic LIFO 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 Available Cost per sold unit Goods in ending Ending unit for Sale Sold inventory unit Inventory Beginning inventory 100 $ 50.00 $ 5,000 100 $ 50.00 $ 5,000 Purchases: March 5 400 $ 55.00 22,000 300 $ 55.00 16,500 March 18 120 $ 60.00 7,200 120 $ 60.00 7,200 March 25 200 $ 62.00 12,400 80 $ 62.00 4,960 Total 820 $ 46,600 0 600 $ 33,660 Periodic FIFO Periodic LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places. c) Average Cost Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Average Cost of # of units Average # of units Average # of units Cost per Goods Cost of Ending unit Available sold Cost per Goods in ending Cost per for Sale Unit Sold inventory unit Inventory Beginning inventory Purchases: March 5 March 18 March 25 Total $ 0 $ 0Periodic FIFO Periodic LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using specific identification. d) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Cost per Goods # of units Cost per Cost of # of units # of units Goods in ending Cost per Ending unit Available sold unit Sold inventory unit for Sale Inventory Beginning inventory $ 0 0 $ 0 Purchases: March 5 0 0 0 March 18 0 0 0 March 25 0 0 0 Total 0 0
