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 Unita Sold at Retail Mar. 1 Beginning inventory 115 unitse $50 per unit Mar. 5 Purchase 415 unitse $55 per unit Mar. 9 Sales 435 unitse $85 per unit 150 unitse $60 per unit Mar. 25 Purchase 230 unitse $62 per unit Mar. 29 Sales 190 unitse $95 per unit Totale 910 units 625 units Mar. 18 Purchase For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 385 units from the March 5 purchase; the March 29 sale consisted of 55 units from the March 18 purchase and 135 units from the March 25 purchase. a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory #of units Cost of Cost per Goods unit Available for Sale $ 50.00 5,750 of units Cost per sold unit Cost of Goods Sold Cost per of units in ending Inventory unit Ending Inventory 115 115 $ 50.00 $ 5.750 O $ 0.00 $ 0 Beginning inventory Purchases March 5 March 18 March 25 Total g 415 $ 55.00 150 $ 60.00 2307 $ 62.00 910 0 22,825 9,000 14,260 $ 51,835 415 $ 55,00 10 $ 60.00 0 540 22,825 600 0 $ 29.175 O $ 0.00 $ 0.00 14,200 $ 62.00 14.250 884,120 $884,120 b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost per Cost of Goods Available for Sale Cost of w of units Goods unit Available for Sale 115 $ 50.00 $ 5.750 of units sold Cost per unit Cost of Goods Sold of units in ending inventory cost per Cost per unit Ending Inventory 0 50 $ 50.00 $ 2.500 Beginning inventory Purchases: March 5 March 18 March 25 Total 415 $ 55.00 150 $ 60.00 230 $ 62.00 11.825 9,000 55 60 22,825 9,000 14.260 $ 51,835 215 $ 55.00 150 $ 60.00 230 $ 62,00 595 55.00 60.00 62.00 3,025 3,600 3.844 $ 12.969 62 14,260 $ 35,085 221 910 c) Average Cost Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Average Cost of # of units Cost per Goods Available unit for Sale 115 $ 5.750 of units sold Average Cost per Unit Cost of Goods Sold of units in ending inventory Average Cost per unit Ending Inventory Beginning inventory Purchases: March 5 March 18 March 25 Total 415 150 230 910 $ 23,825 9.000 14.260 56.961 $ 51,835 595 $ 56.96 S 33,891 $ 0 d) Specific identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # Cost per Cost of Goods Available for Sale $ 5,750 # of units sold Cost per unit Cost of Goods Sold of units in ending Inventory Cost per unit unit Ending Inventory 115 $ 50.00 $ 50.00 $ 0 $ 50.00 $ 0 Beginning inventory Purchases: March 5 March 18 March 25 Total 415 $ 55.00 150 $ 60.00 230 $ 62.00 910 22,825 9,000 14,260 $ 51,835 $ 55.00 $ 60.00 $ 62.00 OOO $ 55.00 $ 60.00 $ 62.00 Oolo 0 0
