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Warnerwoods Company uses a periodic inventory system, it entered into the following purchases and sales transactions for March. Date March 1 Activities March 5

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Warnerwoods Company uses a periodic inventory system, it entered into the following purchases and sales transactions for March. Date March 1 Activities March 5 Beginning inventory Purchase March 9 Sales March 18 March 25 Purchase Purchase Units Acquired at Cost 135 units $70 per unit 435 units @ $75 per unit 190 units $80 per unit 270 units $82 per unit Units Sold at Retail 455 units $105 per unit March 29 Sales Totals 1,030 units 230 units $115 per unit 685 units For specific identification, units sold include 80 units from beginning inventory, 375 units from the March 5 purchase, 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. Note: Round your "average cost per unit" to 2 decimal places. a) Periodic FIFO Beginning inventory Purchases: March 5 March 18: March 25 Total Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Cost of # of units Cost per Goods Available sold unit Sold # of units in ending inventory Cost per unit Ending Inventory for Sale. $ 0 $ 0.00 $ 0 $ 0.00 $ 0 0 $ 0.00 0 $ 0.00 0 0 $ 0.00 0 $ 0.00 0 0 0 $ 0.00 0 0 0 b) Periodic LIFO Beginning inventory Purchases: March 5 March 18. Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale Cost of # of units in # of units Cost per sold Goods unit Sold ending inventory Cost per unit Ending Inventory $ 0 March 25 Total c) Average Cost Beginning inventory Purchases: Cost of Goods Available for Sale Average # of units Cost per unit Goods Cost of Goods Sold Cost of Goods Sold Cost of # of units sold Average Cost per Unit Available for Sale March 5 March 18 March 25 Total di Specific Identification 0 0 Ending Inventory Average Cost per unit # of units in ending inventory Ending Inventory $ $ 0 d) Specific Identification Cost of Goods Available for Sale Cost of Goods Available Beginning inventory Purchases: March 5 March 18 March 25 Total Cost of Goods Sold Ending Inventory # of units. Cost per unit # of units sold Cost per unit Cost of Goods # of units in Cost per Sold ending inventory unit Ending Inventory for Sale $ 0 $ 0 0 0 0 0 0 0 0 0

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