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Required information [The following information applies to the questions displayed below Warnerwoods Company uses a periodic inventory system. It entered into the following purchases
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 March 1 March 5 Activities Beginning inventory Purchase Units Acquired at Cost Units Sold at Retail 110 units 410 units $45 per unit @ $50 per unit March 9 Sales 430 units @$80 per unit March 18 Purchase March 25 Purchase 140 units 220 units @ $55 per unit @$57 per unit March 29 Sales Totals 880 units 180 units @ $90 per unit 610 units For specific identification, units sold include 60 units from beginning inventory, 370 units from the March 5 purchase, 50 units from the March 18 purchase, and 130 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. Note: Round your "average cost per unit" to 2 decimal places. a) Periodic FIFO Beginning inventory Purchases: March 5 March 18 March 25 Total 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 0.00 SA $ 0 $ 0.00 S 0 0 0 0 0 0 69 55 0.00 0 0.00 0 $ 0.00 0 $ 0.00 0 0 $ 0.00 0
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