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 135 units @ $70 per unit 435 units@ $75 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 455 units@ $105 per unit 190 units@ $80 per unit 270 units@ $82 per unit 230 units @ $115 per unit 685 units Totals 1,030 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, (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 #of units sold Cost per Cost of Goods Sold # of units in ending Inventory Cost per unit Ending Inventor 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 unit Cost of Goods Available for Sale $ 9,450 #of units sold Cost per Cost of Goods Sold #of units in ending Inventory unit Cost per unit Ending Inventory 135 $ 70.00 1 35 $ 70.00 $ 9,450 $ 0.00 $ 0 Beginning inventory Purchases: March 5 March 18 March 25 REDES 435 115 $ $ 75,00 80.00 435 $ 75.00 1901 $ 80.00 270 $ 82.00 1,030 32,625 15.200 22,140 $ 79,415 32,625 9.2007 ol $ 51,275 $ $ $ 0.00 0.00 0.00 0 0 0 Total 685 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 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 Beginning inventory Purchases March 5 March 18 March 25 435 190 270 1,030 $ $ $ 75,00 80.00 82.00 32,625 15,2007 22,140 $ 79,415 Total 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 # of units sold Average Cost per Unit Cost of Goods Sold # of units Average in ending Cost per inventory unit Ending Inventory 135 $ 9,450 Beginning inventory Purchases: March 5 March 18 March 25 Total 435 190 32,625 15,200 22,140 $ 79,415 270 1,030 $ of $ 0 d) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Goods Available for Sale $ 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 $ 70.00 $ of $ 70.00 $ 0 75. 000 Beginning inventory Purchases: March 5 March 18 March 25 Total 435 190 270 1,030 $ 75,00 $ 80.00 $ 82.00 32,625 15,200 22,140 $ 79,415 $ $ $ 75.00 80. 00 82. 00 0 0 $ 75.00 $ 80.00 $ 82.00 | 0 0 purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 155 units from the March 25 purchase. 4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar) FIFO LIFO Weighted Average Specific identification Sales Less: Cost of goods sold Gross profit 0 $ 0 $ 0 $ 0
