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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.

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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 Activities Units Acquired at Cost Units sold at Retan Mar. 1 Deginning inventory 100 units e $50 per unit Mar. 5 Purchase 400 units @ $55 per unit 420 unitse $85 per unit 120 units e $60 por unit Mar. 25 Purchase 200 unitse $62 per unit Mar. 29 Sales 160 units $95 per unit 580 units Date Mar. 9 Sales Mar. 18 Purchase Totals 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. Problem 5-1A (Static) Part 3 3. Compute the cost assigned to ending Inventory using () FIFO, (1) LIFO. (c) weighted average, and (c) specific Identification (Round your average cost per unit to 2 decimal places.) a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending inventory # of units Cost per unit Cost of Goods Available for Sale S 0 # of units sold Cost per unit Cost of Goods Sold # of units in onding Cost per unit Inventory Ending Inventory 100 $ 0 $ 0.00 $ 0 400 0 0 Beginning inventory Purchases: March 5 March 18 March 25 $ 0.00 120 0 0 0 0 0 0 200 0 0 Total 820 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 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 25 400 120 200 Total 820 c) Average Cost Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of units Average Goods Cost per unit Available for Sale 100 # of units Average Cost sold per Unit Cost of Goods Sold # of units In ending Average Cost per unit Inventory Ending Inventory Beginning inventory Purchases: March 5 March 18 March 25 Total 400 120 200 820 $ 0 $ 0 d) Specific Identification Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of units Cost per unit Goods Available for Sale 100 # of units sold Cost per unit Cost of Goods Sold # of units in ending Cost per unit Inventory Ending Inventory 0 $ 0 0 Beginning inventory Purchases: March 5 March 18 March 25 400 120 200 OOO 0 0 0 0 820 Total

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