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 185 units @ $75 per unit 485 units @ $88 per unit 505 units @ $110 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 298 units @ $85 per unit 378 units @ $87 per unit 338 units @ $12e per unit 835 units 1,330 units ** For specific Identification, the March 9 sale consisted of 40 units from beginning Inventory and 465 units from the March 5 purchase the March 29 sale consisted of 125 units from the March 18 purchase and 205 units from the March 25 purchase Problem 6-2AA Part 1 Required. 1. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale Cost per Cost of Goods # of Units Unit Available for Sale $ 0 0 Beginning inventory Purchases: March 5 March 18 March 25 Tota 0 0 Problem 6-2AA Part 2 2 Compute the number of units in ending Inventory Ending inventory units Problem 6-2AA Part 3 3. Compute the cost assigned to ending Inventory using (a) FIFO. (6) LIFO. (c) weighted average, and (c) 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 # of units Cost per Goods unit Available for Sale $ 0 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 0.00 $ 0 S 0.00 $ 0 Beginning inventory Purchases: March 5 March 18 March 25 Tota ol 0 0.00 $ 0.00 01 0 $ $ $ 0.00 0.00 0.00 0 0 0 0 0 0 0 b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Goods unit Available for Sale # of units Cost per # of units Cost per sold unit Cost of Goods Sold Cost per # of units in ending inventory unit Ending Inventory S 0 Beginning inventory Purchases: March 5 March 18 March 25 Total 0 0 0 c) Average Cost Cost of Goods Sold Cost of Goods Available for Sale Cost of Average Goods # of units Cost per Available unit for Sale Cost of Ending Inventory # of units Average Ending in ending Cost per inventory unit Inventory Average Cost per Unit # of units sold Goods Sold Beginning inventory Purchases March 5 March 18 March 25 Total S 0 d) Specific Identification 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 sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 0 S 0 0 Beginning inventory Purchases: March 5 March 18 March 25 Total 0 0 0 0 0 Problem 6-2AA 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 S 0 $ 0