use the info provided to help w the problem that is on the last picture .
Problem 5-1A (Static) Periodic: Alternative cost flows LO P1 [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 Activities Units Acquired at Cost Units Sold at Retail 1 Beginning inventory 100 units@ $50 per unit 5 Purchase 400 units @ $55 per unit 9 Sales 420 units@ $85 per unit 120 units@ $60 per unit Mar. 25 Purchase 200 units @ $62 per unit Mar. 29 Sales 160 units@ $95 per unit Totals 820 units 580 units Date Mar. Mar. Mar Mar. 18 Purchase For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase, the March 29 sale consisted of 40 units from the March 18 purchase and 120 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 Cost of Goods # of units Cost per unit Cost of W of units W of units Available sold Cost per unit Goods Ending in ending Cost per unit for Sale Sold inventory Inventory 1001 s 50.00 55.000 100 $ 50.00 $5,000 5 000 $ 0 Beginning inventory Purchases March 5 March 18 March 25 Total 4001 s 120 s 2007 s 820 55 00 60.00 62.00 400 $ Bols 55.00 60.00 22.000 7.200 12.400 $ 46,600 22.000 4.800 0 $ 31,800 os 40 $ 2001 $ 240 0.00 60.00 62.00 0 2400 12.400 5 14.800 580 b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Goods # of units Cost per unit Available for Sale 100 $ 50.00 $ 5.000 # of units sold Cost per unit Cost of Goods Sold #of units in ending Cost per unit Ending inventory Inventory 100 $ 5000 $5,000 Beginning inventory Purchases March 5 March 18 March 25 Total 400 5 55.00 60.00 1405 55.00 7.700 120 $ 2005 820 22.000 7.200 12.000 $ 46,600 2601 S 1201 s 200 $ 580 55 00 6000 62.00 6200 14,300 7,200 12,400 $ 33,900 240 $ 12,700 c) Average Cost Cost of Goods Sold Cost of Goods Available for Sale Cost of W of units Average Cost Goods per unit Available for Sale 100 $5,000 of units Average Cost sold Cost of Goods Sold Ending Inventory # of units Ending in ending Inventory inventory per Unit Average Cost per unit Beginning inventory Purchases March 5 March 18 March 25 400 120 200 820 22.000 7,200 12,400 $ 46,600 Total 580 s 56.83 $ 32,961 240 s 56.83 $ 13,639 d) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of # of units Cost per unit Goods Available for Sale 100 $ 50.00 $ 5.000 # of units sold Cost per unit Cost of Goods Sold # of units in ending Cost per unit inventory Ending Inventory 80 $ 50.00 4,000 20 $ 50.00 $ 1.000 Beginning inventory Purchases March 5 March 18 March 25 55.00 60.00 400 $ 120$ 200 S 820 22.000 7.200 12,400 $ 46,600 340 $ 40 $ 120 $ 580 55.00 60 00 62.00 62.00 18.700 2,400 7.440 $ 32,540 60 $ Bols 801 $ 240 55.00 60.00 6200 3,300 4,800 4,960 $ 14,060 Total 4. Compute gross profit eamed 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 $ 0.00 $ 0.00 $ 0.00 $ 0.00
