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

120

units

@ $55 per unit

Mar.

5

Purchase

420

units

@ $60 per unit

Mar.

9

Sales

440

units

@ $90 per unit

Mar.

18

Purchase

160

units

@ $65 per unit

Mar.

25

Purchase

240

units

@ $67 per unit

Mar.

29

Sales

200

units

@ $100 per unit

Totals

940

units

640

units

For specific identification, the March 9 sale consisted of 40 units from beginning inventory and 400 units from the March 5 purchase; the March 29 sale consisted of 60 units from the March 18 purchase and 140 units from the March 25 purchase.

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 unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beginning inventory	120	$55.00	$6,600	120	$55.00	$6,600	0	$0.00	$0
Purchases:
March 5	420	$60.00	25,200	420	60.00	25,200	0	0.00	0
March 18	160	$65.00	10,400		0.00	0		0.00	0
March 25	240	$67.00	16,080	0	67.00	0		0.00	0
Total	940		$58,280	540		$31,800	0
b) Periodic LIFO	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 unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beginning inventory	120	$55.00	$6,600	0					$0
Purchases:
March 5	420	60.00	25,200						0
March 18	160	65.00	10,400				0		0
March 25	240	67.00	16,080				0		0
Total	940		$58,280	0			0
c) Average Cost	Cost of Goods Available for Sale			Cost of Goods Sold			Ending Inventory
	# of units	Average Cost per unit	Cost of Goods Available for Sale	# of units sold	Average Cost per Unit	Cost of Goods Sold	# of units in ending inventory	Average Cost per unit	Ending Inventory
Beginning inventory	120		$6,600
Purchases:
March 5	420		25,200
March 18	160		10,400
March 25	240		16,080
Total	940		$58,280			$0			$0
d) Specific Identification	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 unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beginning inventory	120	$55.00	$6,600		$55.00	$0		$55.00	$0
Purchases:
March 5	420	60.00	25,200		60.00	0		60.00	0
March 18	160	65.00	10,400		65.00	0		65.00	0
March 25	240	67.00	16,080		67.00	0		67.00	0
Total	940		$58,280	0			0