! Required information Problem 5-1A (Algo) 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. Date Activities Units Acquired at Cost Units Sold at Retail March 1 March 5 Beginning inventory Purchase 200 units 500 units $90 per unit @ $95 per unit March 9 Sales 520 units $125 per unit March 18 Purchase March 25 Purchase March 29 Sales Totals 320 units 400 units 1,420 units $100 per unit $102 per unit 360 units $135 per unit 880 units 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. Problem 5-1A (Algo) Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. Note: Round your "average cost per unit" to 2 decimal places. a) Periodic FIFO Beginning inventory Purchases: March 5 March 18 March 25 Total b) Periodic LIFO Beginning inventory Purchases: March 5 Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Cost of # of units Cost per Goods Available for Sale sold unit Sold # of units in ending inventory Cost per unit Ending Inventory $ 0 $ 0.00 $ 0 $ 0.00 $ 0 500 $ 95.00 47,500 $ 0.00 0 $ 0.00 0 320 $ 100.00 32,000 $ 0.00 0 $ 0.00 0 400 $ 102.00 1,220 40,800 0 $ 0.00 0 $120,300 0 Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods # of units Available for Sale sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 0 500 $95.00 March 18 320 $ 100.00 47,500 32,000 March 25 Total 400 1,220 $ 102.00 40,800 $120,300 c) Average Cost Average # of units Cost per unit Cost of Goods Available for Sale Cost of Goods Available for Sale Beginning inventory Purchases: March 5 March 18 March 25 Total 500 47,500 320 32,000 400 40,800 1,220 $120,300 Cost of Goods Sold Average Cost per Unit Cost of Goods Sold # of units sold $ 0 Ending Inventory 0 # of units in ending inventory Average Cost per unit Ending Inventory 0 $ 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 inventory Cost per unit Ending Inventory $ 0 $ 0 Beginning inventory Purchases: March 5 500 $ 95.00 47,500 $ 95.00 0 $ 95.00 0 March 18 320 $ 100.00 32,000 $ 100.00 0 $ 100.00 0 March 25 400 $ 102.00 Total 1,220 40,800 $120,300 $ 102.00 0 $ 102.00 0 0 0