Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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 March 1 Units Sold at Retail March 5 Activities Beginning inventory Purchase Units Acquired at Cost 135 units @ $70 per unit 435 units @ $75 per unit March 9 Sales 455 units @ $105 per unit March 18 March 25 Purchase Purchase 190 units @ $80 per unit 270 units @ $82 per unit March 29 Sales Totals 1,030 units 230 units @ $115 per unit 685 units For specific identification, units sold include 80 units from beginning inventory, 375 units from the March 5 purchase, 75 units from the March 18 purchase, and 155 units from the March 25 purchase. a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of # of units Cost per unit Goods Available # of units Cost per sold unit Cost of Goods Sold # of units in Cost per ending inventory unit Ending Inventory for Sale $ 0 $ 0.00 $ 0 $ 0.00 $ 0 0 $ 0.00 0 $ 0.00 0 0 $ 0.00 0 $ 0.00 0 0 0 $ 0.00 0 0 0 0 Beginning inventory Purchases: March 5 March 18 March 25 Total b) Periodic LIFO Cost of Goods Available for Sale Beginning inventory Purchases: March 5 March 18 March 25 Total Cost of Goods Sold Ending Inventory Cost of # of units Cost per unit Goods Available # of units sold Cost per unit Cost of Goods Sold # of units in Cost per ending unit Ending Inventory inventory for Sale $ 0 0 0 0 0 0 c) Average Cost Beginning inventory Purchases: March 5 March 18 March 25 Total d) Specific Identification Beginning inventory Purchases: March 5 March 18 March 25 Total Cost of Goods Available for Sale Average # of units Cost per unit Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units sold Average Cost per Unit Cost of # of units in Goods Sold ending inventory Average Cost per Ending Inventory unit $ 0 $ 0 Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of # of units Cost per unit Goods Available # of units sold Cost per unit Cost of Goods # of units in Cost per Sold ending inventory unit Ending Inventory for Sale $ 0 $ 0 0 0 0 0 0 0 0
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started