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 Activities Units Acquired at cost Mar. 1 Beginning inventory Units sold at Retail 135 units $70 per unit Mar. 5 Purchase 435 unitse $75 per unit Mar. 9 Sales 455 units $105 per unit Mar. 18 Purchase 190 units $80 per unit Mar. 25 Purchase 270 units # $82 per unit Mar. 29 Sales 230 units $115 per unit Totals 1,030 units 685 units For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 375 units from the March 5 purchase, the March 29 sale consisted of 75 units from the March 18 purchase and 155 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.) a) Periodic FIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale 135 $ 70.00 $ 9,450 # of units sold Cost per unit Cost of Goods Sold of units in Cost per Ending ending unit Inventory inventory 75 $ 70.00 $ 5.250 Beginning inventory Purchases: 135 $ 70.00 S 9,450 a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per Cost of # of units Goods unit Available for Sale 135 $ 70.00 $ 9,450 # of units sold Cost per unit Cost of Goods Sold # of units in ending Inventory Cost per unit Ending Inventory 135 $ 70.00 $ 9,450 75 $ 70.00 $ 5.250 Beginning inventory Purchases: March 5 March 18 March 25 Total 435 $ 75.00 1901 $ 80.00 435 $ 75.00 $ 0.00 32,625 0 32,625 15,200 0 $ 57,275 0 0 $ $ $ 0.00 0.00 0.00 760 570 $ 42,075 75 0 $ 5.250 b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost per # of units Goods unit Available for Sale $ 70.00 $ 9,450 # of units sold Cost per Cost of Goods Sold unit # of units in ending inventory Cost per unit Ending Inventory 135 $ 0 435 Beginning inventory Purchases: March 5 March 18 March 25 Total $ 75,00 32,625 15,200 0 190 $ 80.00 0 0 760 $ 57,275 0 0 c) Average Cost Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Cost of Average Goods Average # of units # of units Cost of Cost per Cost per Available unit Goods sold Unit for Sale Sold 135 $ 9,450 # of units In ending inventory Average Cost per Ending Inventory unit Beginning inventory Purchases: March 5 March 18 March 25 Total 435 190 32,625 15,200 760 $ 57.275 $ 0 $ d) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per unit # of units Cost per # of units sold Cost of Goods Available for Sale $ 9,450 Cost per Cost of Goods Sold unit # of units in ending inventory unit Ending Inventory 135 $ 70.00 $ 70.00 $ 0 $ 70.00 $ 0 0 0 Beginning inventory Purchases: March 5 March 18 March 25 Total 435 190 $ 75.00 $ 80.00 32,625 15,200 $ 75,00 $ 80.00 $ 75.00 $ 80.00 0 0 0 760 $ 57,275 0 0