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 Units Acquired at Cost 100 units @ $50.00 per unit 400 units @ $55.00 per unit 420 units @ $85.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 120 units @ $60.00 per unit 200 units @ $62.00 per unit 160 units @ $95.00 per unit 580 units 820 units For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 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. 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 Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale $ 5,000 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory | 100 $ 50.00 $ 0 Beginning inventory Purchases: March 5 March 18 March 25 0 400 120 200 820 $ 55.00 $ 60.00 $ 62.00 22,000 7,200 12,400 $ 46,600 Total 0 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 100 $ 50.00 $ 5,000 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning inventory Purchases: March 5 March 18 400 120 200 820 $ $ $ 55.00 60.00 62.00 22,000 7,200 12,400 $ 46,600 March 25 Total 0 0 c) Average Cost Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Average # of units Cost per Goods Available unit for Sale 100 $ 5,000 # of units sold Average Cost per Unit Cost of Goods Sold # of units Average Ending in ending Cost per er Inventory inventory unit Beginning inventory Purchases: March 5 March 18 March 25 400 120 22,000 7,200 12,400 $ 46,600 200 820 Total $ 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 $ 5,000 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory 100 $ 50.00 $ 50.00 $ Beginning inventory Purchases: March 5 March 18 March 25 Total 400 120 200 820 $ $ $ 55.00 60.00 62.00 22,000 7,200 12,400 $ 46,6000 $ 55.00 $ 60.00 $ 62.00 FIFO LIFO Weighted Average $ 50,900 $ $ 50,900 Sales Less: Cost of goods sold Gross profit Specific Identification $ 50,900 32,540 $ 18,360 50,900 31,800 19,100 i $ $ 50,900 $ 50,900
