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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 and
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 Mar. Activities 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Units Acquired at Cost 110 units @ $45 per unit 410 units @ $50 per unit Units Sold at Retail 430 units @ $80 per unit Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 140 units @ $55 per unit 220 units $57 per unit 180 units @ $90 per unit Totals 880 units 610 units For specific identification, the March 9 sale consisted of 60 units from beginning Inventory and 370 units from the March 5 purchase; the March 29 sale consisted of 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. (Round your "average cost per unit" to 2 decimal places.) Date Mar. Activities 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at Cost 110 units $45 per unit 410 units @ $50 per unit Units Sold at Retail 430 units @ $80 per unit 140 units @ $55 per unit 220 units @ $57 per unit 180 units @ $90 per unit 880 units 610 units For specific identification, the March 9 sale consisted of 60 units from beginning inventory and 370 units from the March 5 purchase; the March 29 sale consisted of 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. (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 Cost per Cost of Goods # of units Cost per Cost of # of units in Goods ending Cost per Ending #of units
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