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

155

units

@ $45 per unit

Mar.

5

Purchase

455

units

@ $50 per unit

Mar.

9

Sales

475

units

@ $80 per unit

Mar.

18

Purchase

230

units

@ $55 per unit

Mar.

25

Purchase

310

units

@ $57 per unit

Mar.

29

Sales

270

units

@ $90 per unit

Totals

1,150

units

745

units

For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 425 units from the March 5 purchase; the March 29 sale consisted of 95 units from the March 18 purchase and 175 units from the March 25 purchase.

Q. 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 Cost of cost of of units cost per Ending Cost per Goods of units Cost per Goods in ending unit Sold invento of units unit Available sold unit inventory for Sale Beginning Inventory 155 45.00 6.975 155 45.000 6,975 0.00 Purchases March 5 455 50.00 22,750 455 50.00 22,750 0.00 0 March 18 230 55.00 12,650 135 55.00 7,425 95 55.00 5,225 310 57.00 17,670 March 25 310 57.00 17,670 11.150 S 60,045 745 37.150 405 S Total 22,895 b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Cost of of units per Ending Cost of units. Cost per Goods of units Cost per unit Available sold unit Goods in ending unit Inventory Sold inventory for Sale 155 45.00 6,975 Beginning Inventory Purchases March 5 455 50.00 22,750 March 18 230 55.00 12,650 310 57.000 17670 March 25 1150 60,045 0 0 Total