[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

Units Sold at Retail

Mar.

1

Beginning inventory

170

units

@ $60 per unit

Mar.

5

Purchase

470

units

@ $65 per unit

Mar.

9

Sales

490

units

@ $95 per unit

Mar.

18

Purchase

260

units

@ $70 per unit

Mar.

25

Purchase

340

units

@ $72 per unit

Mar.

29

Sales

300

units

@ $105 per unit

Totals

1,240

units

790

units

For specific identification, the March 9 sale consisted of 90 units from beginning inventory and 400 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 190 units from the March 25 purchase.

Problem 6-2AA Part 3

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.)

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.)

Please see attachment for Question3

Problem 6-2AA Periodic: Alternative cost ows LO P3 [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. 1 Mar. 5 Mar. 9 Mar. 18 Mar. 25 Mar. 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 170 units @ $60 per unit 470 units @ $65 per unit 260 units @ $70 per unit 340 units @ $72 per unit Units Sold at Retail 490 units @ $95 per unit 300 units @ $105 per unit 1,240 units 790 units For specic identication, the March 9 sale consisted of 90 units from beginning inventory and 400 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 190 units from the March 25 purchase. References Section Break 3. Award: 25.00 points Problem 6-2AA Periodic: Alternative cost ows LO P3 Problem 6-2AA Part 3 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 # of units Cost per unit Beginning inventory Cost of Goods Sold Cost of Goods # of units Available sold for Sale $ Ending Inventory Cost of Goods Sold Cost per unit # of units in ending inventory Cost per unit Ending Inventory 0 $ 0.00 $ 0 $ 0.00 $ 0 March 5 0 $ 0.00 0 $ 0.00 0 March 18 0 $ 0.00 0 $ 0.00 0 March 25 0 0 $ 0.00 0 Purchases: Total b) Periodic LIFO 0 0 Cost of Goods Available for Sale # of units Cost per unit 0 Cost of Goods Sold Cost of Goods # of units Available sold for Sale Ending Inventory Cost of Goods Sold Cost per unit # of units in ending inventory Cost per unit Beginning inventory Ending Inventory $ 0 Purchases: March 5 0 March 18 0 March 25 0 0 Total c) Average Cost Cost of Goods Available for Sale # of units Average Cost per unit 0 Cost of Goods Sold Cost of Goods # of units Available sold for Sale Average Cost per Unit Ending Inventory Cost of Goods Sold # of units in ending inventory Average Cost per unit Ending Inventory Beginning inventory Purchases: March 5 March 18 March 25 $ Total d) Specific Identification Cost of Goods Available for Sale # of units Cost per unit 0 Cost of Goods Sold Cost of Goods # of units Available sold for Sale Beginning inventory $ 0 Ending Inventory Cost of Goods Sold Cost per unit $ # of units in ending inventory 0 Cost per unit Ending Inventory $ 0 Purchases: March 5 0 0 March 18 0 0 March 25 0 0 Total References Expanded table Difficulty: 3 Hard 0 0 Problem 62AA Part 3 Learning Objective: 06P3 Appendix 6ACompute inventory in a periodic system using the methods of specific identification, FIFO, LIFO, and weighted average