Question
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost
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 March 1 Beginning inventory 160 units $50 per unit March 5 Purchase 460 unita $55 per unit March 9 Sales 480 units $85 per unit March 18 Purchase March 25 Purchase 240 units 320 units $60 per unit $62 per unit March 29 Sales 280 units $95 per unit Totals 1,180 units 760 units For specific identification, the March 9 sale consisted of 60 units from beginning inventory and 420 units from the March 5 purchase; the March 29 sale consisted of 100 units from the March 18 purchase and 180 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 b) Periodic LIFO 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 Available for Sale # of units sold Cost per unit Cost of Goods # of units in Cost per Ending Sold ending Inventory unit Inventory Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold Ending Inventory # of units in ending Inventory Cost per unit Ending Inventory
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