Required Information Problem 6-2AA (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 Units Sold at Retail Units Acquired at Cost 165 units @ $55 per unit 465 units @ $60 per unit Date March 1 March 5 March 9 March 18 March 25 March 29 485 units @ $90 per unit Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 250 units 330 units @ $65 per unit @ $67 per unit 290 units @ $100 per unit 775 units 1,210 units For specific identification, units sold include 70 units from beginning inventory, 415 units from the March 5 purchase, 105 units from the March 18 purchase, and 185 units from the March 25 purchase. Problem 6-2AA (Algo) Part 3 3. Compute the cost assigned to ending inventory using (0) FIFO. (O) LIFO. (c) weighted average, and (d) specific identification. (Round your "average cost per unit" to 2 decimal places.) a) Periodic FIFO Cost of Goode Avaliable for Sale cost of Gooda Sold Ending Inventory #of unite Coat per unit Cost of Goode Available for Sale #of unite cost per sold unit Coat of Goods Sold # of units in ending Inventory Cost per unit Ending Inventory S 0 S 0.00 S 0 5 0.00 s S 0.00 0 0 S 0.00 0 Beginning inventory Purchases: March 5 March 18 March 25 Total 0 0 S 0.00 0 S 0.00 0 0 0 5 0.00 0 0 0 b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost of Goode Avaliable for Sale Cost of #of unite Coat per Goods unit Available for Sale # of unito sold Cost per unit Coat of Goods Sold # of unite in ending Inventory cost per unit Ending Inventory S 0 70 0 Beginning inventory Purchases March 5 March 18 March 25 Total 0 0 70 C) Average Coat Cost of Goods Sold Ending Inventory Cost of Goode Avaliable for Sale Average Cost of # of unite Coot per Goods unit Available for Sale #of unite Average Coat of Goods Sold Cost per Unit sold #of units in ending Inventory Average Cost per unit Ending Inventory Beginning inventory Purchases: March 5 March 18 March 25 Total s 0 d) Specific identification Cost of Goode Avaliable for Sale Cost of Goods Sold Ending Inventory # of unite Cost per unit Cost of Goods Available for Sale # of unite sold cost per unit Coat of Goode Sold # of unite in ending Inventory Cost per unit Ending Inventory S 0 S 0 0 Beginning inventory Purchases: March 5 March 18 March 25 Total 0 0 0 0 0 Required information Problem 6-2AA (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 Units Sold at Retail Units Acquired at Cost 165 units @ $55 per unit 465 units @ $60 per unit Date March 1 March 5 March 9 March 18 March 25 March 29 485 units @ $90 per unit Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 250 units 330 units @ $65 per unit @ $67 per unit 290 units @ $100 per unit 775 units 1,210 units For specific identification, units sold include 70 units from beginning inventory, 415 units from the March 5 purchase, 105 units from the March 18 purchase, and 185 units from the March 25 purchase. Problem 6-2AA (Algo) Part 4 4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar.) FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0