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Required information Problem 5-2AA (Algo) Periodic: Alternative cost flows LO P3 [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic
Required information Problem 5-2AA (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. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals a) Periodic FIFO Units Acquired at Cost @$70 per unit @$75 per unit 180 units 480 units 280 units 360 units 1,300 units @$80 per unit @$82 per unit Cost of Goods Available for Sale Units Sold at Retail For specific identification, units sold include 90 units from beginning inventory, 410 units from the March 5 purchase, 120 units from the March 18 purchase, and 200 units from the March 25 purchase. 500 units @ $105 per unit Problem 5-2AA (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. Cost of Goods Sold 320 units @ $115 per unit 820 units Ending Inventory
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