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Please help, Thank you Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Units sold at
Please help, Thank you
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Units sold at Retail Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at Cost 100 unitse $50 per unit 400 unitse $55 per unit 120 unitse $60 per unit 200 unitse $62 per unit 420 unitse $85 per unit 160 unitse $95 per unit 580 units 820 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. a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units sold Cost per unit Cost of Goods # of units Cost per unit Available for Sale 100 $ 50.00 $ 5,000 Cost of Goods Sold # of units In ending Cost per unit inventory Ending Inventory $ 0 $ 0.00 $ 0 0 0 $ 0.00 Beginning inventory Purchases: March 5 March 18 March 25 Total Oo o 0 0 0 0 100 $ 5,000 0 0 b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of units Cost per unit Goods Available for Sale 100 $ 50.00 $ 5,000 # 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 0 Total 100 0 $ 5,000 c) Average Cost Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Cost of Cost of Average Goods # of units # of units Average Cost Goods Cost per unit Available sold Sold for Sale 100 $ 5,000 # of units Average Cost in ending inventory Ending Inventory per Unit per unit Beginning inventory Purchases March 5 March 18 March 25 Total 100 $ 5,000 $ 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 unit Cost of Goods Sold # of units in ending Cost per unit inventory Ending Inventory 0 100 $ 50.00 $ 5,000 $ s 50.00 0 0 Beginning inventory Purchases: March 5 March 18 March 25 Total 0 OOO 0 100 $ 5,000 0 o Step by Step Solution
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