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 125 units e $60 per unit 425 units @ $65 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 445 unitse $95 per unit 170 units @ $70 per unit 250 unitse $72 per unit 210 units @ $105 per unit 655 units 970 units For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 365 units from the March 5 purchase, the March 29 sale consisted of 65 units from the March 18 purchase and 145 units from the March 25 purchase. 3. Compute the cost assigned to ending inventory using (a) FIFO. (D) LIFO. (c) weighted average, and (d) specific identification. (Round your average cost per unit to 2 decimal places.) # of units Cost per unit Cost per unit Goods Sold Goods #of units Available sold for Sale $ 7,500 | 125 Cost per unit in ending Inventory Ending Inventory 125 $ 60.00 $ 60.00 $ 7,500 | 0 $ 0.00 $ 0 Beginning inventory Purchases: March 5 March 18 March 25 Total 425 170 250 970 $ 65.00 $ 70.00 $ 72.00 425 105 $ 65,00 $ 70.00 27,625 7,350 27,625 11,900 18,000 $ 65,025 0 $ 0.00 65 $ 70.00 250 $ 72.00 315 4,550 18,000 $ 22,550 6 55 $ 42,475 b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Goods Cost per # of units unit Available for Sale 125 $ 60.00 $ 7,500 # 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 March 25 Total 425 170 250 970 $ 65.00 $ 70.00 $ 72.00 27,625 11,900 18,000 $ 65,025 c) Average Cost Cost of Goods Sold Cost of Goods Available for Sale Average Cost of # of units Cost per Goods unit Available for Sale 125 $ 7,500 Average Cost per Unit Cost of Goods Sold Ending Inventory # of units Average Ending in ending Cost per Inventory inventory unit sold Beginning inventory Purchases: March 5 March 18 March 25 Total 425 170 250 27,625 11,900 18,000 $ 65,025 970 655 $ or 315 $ 0 d) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods # of units Cost per Available sold unit for Sale $ 7,500. 80 $ 60.00 Cost of Goods Sold # of units in ending Inventory Cost per unit Ending Inventory 125 $ 60.00 $ 4,800 45 $ 60.00 $ 2,700 Beginning inventory Purchases: March 5 March 18 March 25 Total $ 65.00 $ 70.00 $ 72.00 365 65 425 170 250 970 $ $ $ 60 1 05 27,625 11,900 18,000 $ 65,025 65.00 70.00 72. 00 3,900 7,350 23,725 4,550 0 $ 33,075 $ 65.00 $ 70.00 $ 72.00 510 210 $ 13,950
