Required information 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 Date March 1 March 5 Activities Beginning inventory Purchase Units Acquired at Cost Units sold at Retail 100 units $50 per unit 400 units Harch 9. Sales March 18 March 25 Purchase Purchase 120 units $55 per unit @ $60 per unit 420 units $65 per unit 200 units @$62 per unit Harch 29 Sales Totals 820 units 160 units $95 per unit 560 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 /a/ FIC. /b/LIFO, /c/ weighted average, and (d) specific identification. Mater Dau a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory of 4 # of units Cost per unit Cost of Goods Available for Sale Cost of # of units # of units sold Cost per unit Goods: Sold in ending Cost per unit Ending Inventory inventory Beginning inventory $ 0 $ 0 $ 0.00 $ Purchases. 125 42 March 5 400 $ 55.00 22,000 420 $ 55.00 23,100 $ 0.00 March 18 March 25 120 $ 60.00 7.200 160 $ 60.00 9,600 Book Total 200 $ 62.00 720 12,400 580 $ 62.00 35,960 $ 41,600 1,160 $ 68,660 0 rences b) Periodic LIFO 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 Cost per unit sold Cost of Goods Sold # of units in ending Cost per unit inventory Ending Inventory Beginning inventory Purchases 111 March 5 400 $ 55.00 22,000 March 18 120 $ 60.00 7,200 March 25 200 $ 62.00 12,400 Total 720 $ 41,600 0 c) Average Cost Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost of Average Goods Cost per unit Available for Sale # of units Average Cost Cost of # of units sold per Unit Goods Sold in ending inventory Average Cost Ending per unit Inventory Beginning inventory Purchases: March 5 400 22,000 March 18 120 7.200 March 25 200 12,400 Total 720 $ 41,600 d) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of # of units Cost per unit Goods Cost of #of units # of units Available sold Cost per unit Goods Sold for Sale in ending Cost per unit inventory Ending Inventory Beginning inventory 0 $ 0 Purchases March 5 400 $ 55.00 22,000 March 18 120 $ 60.00 7.200 0 $ 55.00 0 $ 60.00 0