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

100

units

@ $50.00 per unit

Mar.

5

Purchase

400

units

@ $55.00 per unit

Mar.

9

Sales

420

units

@ $85.00 per unit

Mar.

18

Purchase

120

units

@ $60.00 per unit

Mar.

25

Purchase

200

units

@ $62.00 per unit

Mar.

29

Sales

160

units

@ $95.00 per unit

Totals

820

units

580

units

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.)

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 Units sold at Retail Mar. 1 Beginning inventory 100 units @ $50.00 per unit Mar. 5 Purchase 400 unitse $55.80 per unit Mar. 9 Sales Mar. 18 Purchase 420 units $85.ee per unit 120 units 560.ee per unit Mar. 25 Purchase 288 units 562.00 per unit Mar. 29 Sales 160 units $95.00 per unit Totals 820 units 500 units 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 (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 Cost per of units Goods of units Cost per Cost of of units unit Cost per Ending Available Goods in ending sold unit Sold for Sale Inventory Inventory 1001 $ 50.00 $ 5,000 100 5 50.00 $5,000 50.00 5 0 400 $ 55.00 22.000 $ 0.00 0 Beginning inventory Purchases: March 5 March 18 March 25 Total 400 S 55.00 120 $ 60.00 2007 $ 62.00 820 22.000 7,200 12.400 $ 46,600 0 0 $ 27,000 2005 62.00 200 12.400 $ 12.400 500 b) Periodic LIFO Cost of Goods Sold Ending Inventory softs Cost per Cost of Goods Available for Sale Cost of Goods unit Available for Sale 100 $ 50.00 $ 5,000 of units Cost per of units Cost per unit sold Cost of Goods Sold in ending inventory unit Ending Inventory Beginning inventory Purchases March 5 March 18 March 25 Total 400 $ 55.00 120 $ 60.00 200 $ 62,00 820 22,000 7.200 12,400 $ 46,000 c) Average Coat Cost of Goods Sold Cost of Goods Available for Sale Cost of Average of units Cost per Available Goods unit for Sale 100 $ 5,000 of units Average sold Unit Ending Inventory of units Average In ending Cost per Ending Inventory unit Inventory Cost of Goods Cost per Sold Beginning inventory Purchases: March 5 March 18 March 25 Total 400 120 200 820 22.000 7.200 12.400 $ 46,600 d) Specific Identification Cost of Goods Sold Ending Inventory # of units Cost per Cost of Goods Available for Sale Cost of Cost per # of units Goods unit Available for Sale 100 $ 50.00 $ 5,000 # of units Cost per sold unit Cost of Goods Sold in ending inventory Ending Inventory unit 0 $ 50.00 $ 0 Beginning inventory Purchases: March 5 March 18 $ 55.00 0 $ 55.00 400 120 $ 60.00 0 $ 60.00 22,000 7,200 12,400 $ 46,600 Ooo March 25 200 $ 62.00 0 $ 62.00 Total 820 0 0