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. Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 135 units @ $70 per unit Mar. 5 Purchase 435 units @ $75 per unit Mar. 9 Sales 455 unitse $105 per unit Mar. 18 Purchase 190 units @ $80 per unit Mar. 25 Purchase 270 units @ $82 per unit 230 units @ $115 per unit Mar. 29 Sales 685 units 1,030 units Totals For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 375 units from the March 5 purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 155 units from the March 25 purchase. quired. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale # of Units Cost per Cost of Goods Available for Sale Unit $ eginning inventory Next > For specific identification, the March 9 sale consisted of 80 units from beginning in purchase; the March 29 sale consisted of 75 units from the March 18 purchase and Required. 1. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale # of Units Cost per Cost of Goods Available Unit for Sale Beginning inventory Purchases: March 5 March 18 March 25 Total - UP Totals 1,030 units For specific identification, the March 9 sale cons purchase; the March 29 sale consisted of 75 uni 2. Compute the number of units in ending inventory. Ending inventory units For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 375 units from the March purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 155 units from the March 25 purchas 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO. (c) weighted average, and (d) specific identification your average cost per unit to 2 decimal places.) a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale $ 0 # of units sold Cost per unit Cost of # of units Goods. In ending Sold inventory Cost per unit Ending Inventory $ 0.00 $ 0 $ 0.00 $ 0 Beginning inventory Purchases: March 5 March 18 March 25 Total $ $ 0.00 0.00 0 0 $ $ $ 0.00 0.00 0.00 0 0 0 0 Cost of Goods Sold Ending Inventory b) Periodic LIFO Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale #of units sold Cost per unit Cost of Goods Sold # of units in ending Inventory Cost per unit Ending Inventory $ 0 Beginning inventory Purchases: March 5 Required information b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending Inventory Cost per Ending Inventory $ 0 Beginning inventory Purchases: March 5 March 18 March 25 Total c) Average Costa Cost of Goods Sold - Ending Inventory Cost of Goods Available for Sale 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 Average in ending Cost per inventory unit Inventory Beginning inventory Purchases: March 5 March 18 March 25 Total $ 0 $ 0 Cost of Goods Sold Ending Inventory d) Specific identification Cost of Goods Available for Sale Prey 78 of 8 Next > 1 unit for Sale Unit Sold Inventory unit 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 # of units cost per Cost per unit Cost of Goods Available for Sale acollabore * o fortales # of units sold Cost per unit Counter Cost of Goods Sold Goods # of units in ending inventory in ending Cost per unit Countries Ending Invento hiver Beginning inventory Purchases: March 5 March 18 March 25 Total Prey 78 of 8 Next > For specific identification, the March 9 sale consisted of 80 units from beginning invent purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 155 4. Compute gross profit earned by the company for each of the four costing methods. (Roun 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 $
