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 Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at Cost 195 units @ $85 per unit 495 units @ $90 per unit Units Sold at Retail 515 units @ $120 per unit 310 units @ $95 per unit 390 units @ $97 per unit 1,390 units 350 units @ $130 per unit 865 units For specific Identification, the March 9 sale consisted of 60 units from beginning Inventory and 455 units from the March 5 purchase; the March 29 sale consisted of 135 units from the March 18 purchase and 215 units from the March 25 purchase. a) Periodic FIFO Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Available # of units sold Cost per unit Answer is not complete. Cost of Goods Sold Cost of Goods Sold Ending Inventory for Sale Beginning inventory 195 $ 85.00 $ 16,575 195 $ 85.00 $ 16,575 # of units in ending inventory Cost per unit Ending Inventory 0 S 0.00 $ 0 Purchases: March 5 495 Is 90.00 44,550 495 $ 90.00 44,550 0 S 0.00 0 March 18 310 S 95.00 29.450 175 $ 95.00 16,625 135 $ 95.00 12,825 March 25 390 S 97.00 37,830 0 0 390 $ 97.00 37,830 Total 1,390 $ 128,405 885 $77,750 525 $ 50,655 b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of # of # of units Cost per unit Goods Available for Sale units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning inventory 195 $ 85.00 $ 16,575 20 $ 85.00 $ 1,700 175 S 85.00 $14.875 Purchases: March 5 495 $ 90.00 44,550 495 $ 90.00 March 18 310 $ 95.00 29,450 310 $95.00 44,550 29,450 0 0 March 25 3901 $ 97.00 37,830 Total 1,3901 $ 128,405 825 0 0 0 $ 75,700 175 $ 14,875 c) Average Cost Cost of Goods Available for Sale Cost of Goods Sold # of units Average Cost per unit Cost of Goods # of units Available sold Average Cost per Unit Cost of Goods Sold for Sale Beginning inventory 195 $ 16,575 Purchases: March 5 495 March 18 310 March 25 Total 390 1,390 d) Specific Identification 44,550 29,450 37,830 $ 128,405 Cost of Goods Available for Sale $ 0 Cost of Goods Sold # of units in ending inventory Ending Inventory Average Cost per unit Ending Inventory Ending Inventory $ 0 # 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 Beginning inventory 195 $ 85.00 $ 16,575 $ 85.00 $ 0 $ 85.00 $ 0 Purchases: March 5 495 $ 90.00 44,550 $ 90.00 0 $ 90.00 0 March 18 310 $ 95.00 29,450 $ 95.00 0 $ 95.00 0 March 25 390 $ 97.00 37,830 $ 97.00 0 $ 97.00 0 Total 1,390 $ 128,405 0 0