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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 Date Activities Units Acquired at Cost Units sold at Retail Mar. 1 Beginning inventory 200 unita $90 per unit Mar. 5 Purchase 500 units $95 per unit Mar. 9 Sales 520 units : $125 per unit Mar. 18 Purchase 320 units $100 per unit Mar. 25 Purchase 400 units # $102 per unit Mar. 29 Sales 360 units # $135 per unit 1,420 units 880 unita Totals For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 450 units from the March 5 purchase, the March 29 sale consisted of 140 units from the March 18 purchase and 220 units from the March 25 purchase. Required. 1. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale Cost per Cost of Goods Available # of Units Unit for Sale 200 $ 90.00 $ 18,000 $ $ 95.00 Beginning inventory Purchases: March 5 March 18 March 25 Total $ 500 320 400 1,420 100.00 102.00 47,500 32,000 40,800 138,300 $ $ 2. Compute the number of units in ending inventory. Ending Inventory 540 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO. (c) weighted average, and especifice your average cost per unit to 2 decimal places.) ) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of #of units Cost per Goods unit Available for Sale 200 $90.00 $ 18.000 Ending very # of units sold Cost per unit Cost of Goods Sold of units In ending Inventory Cost per unit Ending Inventory 200 $ 90.00 $ 18,000 Beginning inventory Purchases March 5 March 18 March 25 Total S 0.00 $ 0 500 $95.00 320 $ 100.00 400 $ 102.00 47,500 32,000 40,800 $ 138,300 500 $95.00 320 $ 100.00 400 $ 102.00 1,420 1,420 47,500 32,000 40,800 $ 138,300 $ $ $ 0.00 0.00 0.00 0 ) Periodie LIFO 0 0 Cost of Goods Sold Cost of Goods Available for Sale Cost of Cost per Goods W of units unit Available for Sale 200 $90.00 $ 18,000 Ending Inventory of units sold Cost per unit Cost of Goods Sold W of units In ending Inventory Beginning inventory Purchases March Cost per unit Ending Inventory 200 $90.00 $ 18,000 S 0 500 $95.00 320 5 100.00 400 $102.00 1.620 47.500 32.000 40.800 $ 138,300 0 0 200 $ 18,000 0 0 Required information c) Average Cost Cost of Goods Sold Cost of Goods Available for Sale Average Cost of # of units Cost per Goods unit Available for Sale 200 $ 18,000 Ending Inventory # of units Average Cost per sold Cost of Goods Sold Unit of units Average In ending Cost per Inventory Ending Inventory unit Beginning inventory Purchases March 5 March 18 March 25 Total 500 320 400 1,420 47,500 32,000 40.800 $ 138,300 $ d) Spoelho Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory of units Cost of Cost per Goods unit Available for Sale $90.00 $ 18,000 # of units sold Cost per unit Cost of Goods Sold of units In ending Inventory Cost per 200 unit Ending Inventory Deginning inventory Purchases March & March $ 90.00 $ 0 $ 90.00 $ 0 500 $95.00 320 S 100.00 400 $ 102.00 47.500 32.000 40.800 $138 300 $95.00 $ 100.00 $ 102.00 0 0 0 0 $ 95.00 $ 100.00 $ 102.00 1.420 0 0 0 0 4. Compute gross profit earned by the company for each of the four costing methods. (Round your average co places and final answers to nearest whole dollar.) FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit $ 0 $ S 0 $ 0
