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Return to question Required information [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 March 1 Beginning inventory 175 units @ $65 per unit March 5 Purchase 475 units @ $70 per unit March 9 Sales 495 units @ $100 per unit March 18 Purchase 270 units @ $75 per unit March 25 Purchase 350 units @ $77 per unit March 29 Sales 310 units @ $110 per unit Totals 1,270 units 805 units For specific identification, units sold include 80 units from beginning inventory, 415 units from the March 5 purchase, 115 units from the March 18 purchase, and 195 units from the March 25 purchase 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.) 3. Compute the cost assigned to ending inventory using (a) FIFO. (D) LIFO. (c) weighted average, and (d) specific identification (Round your "average cost per unit" to 2 decimal places.) Answer is not complete. a) Periodic FIFO Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Available for Sale $ 11,375 Cost of Goods Sold # of Cost of Cost units Goods sold per unit Sold 175 $ 65.00 $ 11,375 Ending Inventory # of units Cost in ending Ending per unit inventory Inventory 0 s 0.00 $ 0 175 S 65.00 0 Beginning inventory Purchases: March 5 March 18 March 25 Total 475$ 70.00 270$ 75,00 350 $ 77.00 1.270 33,250 20,250 26,950 $ 91,825 475$ 70.00 110 $ 75.00 0 760 33,250 8,250 0 $ 52.875 0 70 350 420 S 0.00 $ 75,00 $ 77.00 5.250 26.950 $ 32,200 b) Periodic LIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of # of Cost Goods units per unit Available for Sale 175 $ 65,00 $ 11,375 of units sold Cost per unit Cost of Goods Sold Ending Inventory # of units Cost Ending in ending per unit Inventory inventory 80 $ 65,00 $ 5.200 20 S 65.00 $ 1.300 Beginning inventory Purchases March 5 March 18 March 25 Total 475 270 $ 70.00 $ 75.00 $ 77.00 33,250 20.250 26,950 $ 91,825 115 $ 70,00 270S 75.00 195 X $ 77.00 600 $ 8,050 20,250 15.015 $ 44,615 80 115 155 430 70.00 75.00 77.00 5,600 8.625 11,935 S 31,360 350 1,270 Required information 270 March 18 March 25 Total $ 75.00 $ 77.00 20.250 26,950 $ 91,825 350 270$ 75,00 195 $ 77.00 600 20.250 15,015 $ 44,615 115 155 430 75.00 77.00 8.625 11.935 $ 31,360 1.270 c) Average Cost Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Average # of Goods Cost units Available per unit for Sale 175 $ 11,375 #of units sold Average Cost 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 475 270 350 1,270 33,250 20.250 26,950 $ 91,825 0 0 d) Specific Identification Cost of Goods Sold Ending Inventory Cont of Goods Available for Sale Cost of W of Cost Goods units per unit Available for Sale 175 $ 65.00 $ 11,375 of Cost units sold per unit 80 $ 65,00 Cost of Goods Sold # of units Cost In onding per unit Inventory 80 $ 65,00 Ending Inventory $ 5.200 $ 5.200 Beginning inventory Purchases: March 5 March 18 March 25 Total 475 270 350 $ 70.00 $ 75,00 $ 77.00 33.250 20,250 26,950 $ 91,825 115 $ 70.00 270 $ 75.00 195$ 77.00 680 8,050 20.250 15.015 $ 48,515 80 $ 70,00 115 * $ 75,00 155$ 77.00 430 5,600 8,625 11.935 $ 31,360 1.270