! Required information Problem 6-2AA 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 155 units @ $45 per unit 455 units @ $50 per unit 475 units & $80 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 230 units @ $55 per unit 310 units @ $57 per unit 270 units @ $90 per unit 745 units 1,150 units For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 425 units from the March 5 purchase; the March 29 sale consisted of 95 units from the March 18 purchase and 175 units from the March 25 purchase. Problem 6-2AA 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.) 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 Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost per Goods # # of units unit Available for Sale $ 0 # of units Cost per sold unit Cost of # of units Goods in ending Sold inventory Cost per unit Ending Inventory $ 0.00 $ 0 $ 0.00 $ 0 0 $ 0.00 $ 0.00 0 Beginning inventory Purchases: March 5 March 18 March 25 Total 0 0 $ 0.00 $ 0.00 0 0 0 0 $ 0.00 0 0 0 0 0 b) Periodic LIFO Cost of Goods Sold Ending Inventory # of units Cost of Goods Available for Sale Cost of Goods Cost per # of units unit Available for Sale # of units Cost per sold unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 0 Beginning inventory Purchases: March 5 March 18 0 0 March 25 0 Total 0 0 c) Average Cost Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Average Goods # of units Cost per Available unit for Sale # 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 $ $ 0 d) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per Cost of Goods Available for Sale Cost per # of units Cost per Cost of Goods Sold # of units sold unit unit # of units in ending inventory Ending Inventory unit $ 0 $ 0 Beginning inventory Purchases: March 5 0 0 March 18 0 0 March 25 ol 0 Total 0 0