! Required information [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 Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at Cost 140 units @ $75 per unit 440 units@ $80 per unit 200 units @ $85 per unit 280 units@ $87 per unit 460 units @ $110 per unit 240 units @ $120 per unit 700 units 1,060 units For specific identification, the March 9 sale consisted of 90 units from beginning inventory and 370 units from the March 5 purchase; the March 29 sale consisted of 80 units from the March 18 purchase and 160 units from the March 25 purchase. 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 # of units Cost per Goods unit Available for Sale 140 $ 75.00 $ 10,500 # of units Cost per sold unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 0.00 $ 0 1400 $ 75.00 $ 10,500 440 0.00 0 0 Beginning inventory Purchases: March 5 March 18 March 25 Total $ 80.00 $ 85.00 $ 87.00 $ $ $ $ 0.00 0.00 200 0.00 0 $ 35,200 17,000 24,360 $ 87,060 280 0 0.00 1,060 0 140 $ 10,500 b) Periodic LIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods Cost per # of units unit Available for Sale 140 $ 75.00 $ 10,500 # of units Cost per sold unit Cost of Goods Sold Ending Inventory # of units in Cost per Ending ending inventory unit Inventory $ 0 Beginning inventory Purchases: March 5 March 18 March 25 Oo 440 $ 80.00 200 $ 85.00 280 $ 87.00 1,060 35,200 17,000 24,360 $ 87,060 0 Total 0 0 c) Average Cost Cost of Goods Sold Cost of Goods Available for Sale Average Cost of # of units Goods Cost per Available unit for Sale 140 $ 10,500 # of units sold Average Cost per Unit Cost of Goods Sold Ending Inventory # of units in Average ending Cost per Ending inventory unit Inventory 440 Beginning inventory Purchases: March 5 March 18 March 25 Total 200 35,200 17,000 24,360 $ 87,060 280 1,060 $ 0 $ 0 d) Specific Identification Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale 140 $ 75.00 $ 10,500 # of units Cost per sold unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 75.00 $ 0 $ 75.00 $ 0 Beginning inventory Purchases: March 5 0 0 March 18 0 $ 80.00 $ 85.00 $ 87.00 440 $ 80.00 200 $ 85.00 280 $ 87.00 1,060 35,200 17,000 24,360 $ 87,060 0 $ 80.00 $ 85.00 $ 87.00 March 25 0 0 Total 0 0