Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Problem 6-2AA (Algo) Periodic: Alternative cost flows LO P3 The following information applies to the questions displayed below] Warnerwoods Company uses a periodic inventory system.
Problem 6-2AA (Algo) 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. For specific identification, units sold include 60 units from beginning inventory, 455 units from the March 5 purchase, 135 units from the March 18 purchase, and 215 units from the March 25 purchase. Problem 6-2AA (Algo) Part 3 3. Compute the cost assigned to ending inventory using (o) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. Note: Round your "average cost per unit" to 2 decimal places. Required information Periodic FIFO c) Average Cost \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline & \multicolumn{5}{|c|}{ Cost of Goods Available for Sale } & \multicolumn{4}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Ending Inventory } \\ \hline & \multirow{2}{*}{\begin{tabular}{r} \# of units \\ 195 \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{c} Average \\ Cost per \\ unit \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{c} Cost of \\ Goods \\ Available \\ for Sale \end{tabular}} & \multirow[t]{2}{*}{\begin{tabular}{l} \# of units \\ sold \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{c} Average \\ Cost per \\ Unit \end{tabular}} & \begin{tabular}{l} Cost of \\ Goods \\ Sold \end{tabular} & \multirow[t]{2}{*}{\begin{tabular}{l} \# of units in \\ ending \\ inventory \end{tabular}} & \begin{tabular}{c} Average \\ Cost per \\ unit \end{tabular} & \begin{tabular}{c} Ending \\ Inventory \end{tabular} \\ \hline Beginning inventory & & & & $ & 16,575 & & & & & & & \\ \hline \multicolumn{13}{|l|}{ Purchases. } \\ \hline March 5 & 495 & & & & 44,550 & & & & & & & \\ \hline March 18 & 310 & & & & 29,450 & & & & & & & \\ \hline March 25 & 390 & & & & 37,830 & & & & & & & \\ \hline Total & 1,390 & & & & 128,405 & 865 & & & $ & 525 & & $ \\ \hline \multicolumn{13}{|c|}{ d) Specific Identification } \\ \hline & \multicolumn{5}{|c|}{ Cost of Goods Available for Sale } & \multicolumn{4}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Ending Inventory } \\ \hline & # of units & Co & \begin{tabular}{l} st per \\ unit \end{tabular} & \begin{tabular}{l} Co \\ Go \\ Ava \\ for \end{tabular} & \begin{tabular}{l} ost of \\ soods \\ ailable \\ or Sale \end{tabular} & \begin{tabular}{c} # of units \\ sold \end{tabular} & Co: & \begin{tabular}{l} st per \\ unit \end{tabular} & \begin{tabular}{l} Cost of \\ Goods \\ Sold \end{tabular} & \begin{tabular}{l} \# of units in \\ ending \\ inventory \end{tabular} & \begin{tabular}{l} Cost per \\ unit \end{tabular} & \begin{tabular}{l} Ending \\ Inventory \end{tabular} \\ \hline Beginning inventory & 195 & s & 85.00 & 5 & 16,575 & & $ & 85.00 & s & & $8500 & $ \\ \hline \multicolumn{13}{|l|}{ Purchases: } \\ \hline March 5 & 495 & $ & 90.00 & & 44,550 & & $ & 90.00 & 0 & & $90.00 & 0 \\ \hline March 18 & 310 & $ & 95.00 & & 29,450 & & 5 & 9500 & 0 & & $9500 & 0 \\ \hline March 25 & 390 & $ & 9700 & & 37,830 & & $ & 97.00 & 0 & & $9700 & 0 \\ \hline \end{tabular}
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started