Required information Problem 5-2AA 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 Units Sold at Retail Units Acquired at Cost 200 units @ $90 per unit 500 units @ $95 per unit 520 units@ $125 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 320 units @ $100 per unit 400 units @ $102 per unit 360 units @ $135 per unit 880 units 1,420 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 5-2AA Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (Round your average cost per unit to 2 decimal places.) a) Periodic FIFO # of units Cost per Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods # of units Cost per Cost of #of units Goods Cost per Ending unit in ending Available sold unit unit Sold inventory Inventory for Sale 200 $ 90.00 90.00 $ 18,000 200 $ 90.00 $ 18,000 $ 0.00 $ 0 $ 0.00 0 Beginning inventory Purchases: March 5 March 18 March 25 Total $ 0.00 0 500 $ 95.00 320 $ 100.00 400 $ 102.00 1,420 47,500 32,000 40,800 $ 138,300 500 $ 95.00 320 $ 100.00 400 $ 102.00 1,420 47,500 32,000 40,800 $ 138,300 $ 0.00 0 0 b) Periodic LIFO b Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Cost of #of units Goods #of units Cost per Goods Ending unit Available sold unit in ending unit inventory Sold Inventory for Sale 200 $90.00 $ 18,000 $ 0 # of units Cost per Cost per 0 Beginning inventory Purchases: March 5 March 18 March 25 Total 47,500 32,000 500 $ 95.00 320 $ 100.00 400 $ 102.00 1,420 0 0 40,800 $ 138,300 0 0 c) Average Cost Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Average Goods # of units Average Cost of # of units Average Endina