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Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Date Units Sold at Retail Units Acquired
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Date Units Sold at Retail Units Acquired at Cost 135 units @ $70 per unit 435 units @ $75 per unit 455 units @ $105 per unit Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 190 units @ $80 per unit 270 units @ $82 per unit 230 units @ $115 per unit 685 units 1,030 units For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 375 units from the March purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 155 units from the March 25 purchas 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. Complete this question by entering your answers in the tabs below. Periodic FIFO Periodic LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Cost per unit units Cost per # of units sold Available for Sale Cost of Goods Sold # of units in ending inventory Cost per unit unit Ending Inventory Beginning inventory Purchases: March 5 March 18 March 25 Total FIFO L IFO Weighted Average Specific Identification Sales i Less: Cost of goods sold Gross profit
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