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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 March 5 March 9
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 a) Periodic FIFO Activities Beginning inventory Purchases: March 5 March 18 March 25 Beginning inventory Purchase Sales Purchase Purchase Sales Totals Total Units Acquired at Cost 180 units @ $70 per unit 480 units @ $75 per unit For specific identification, units sold include 90 units from beginning inventory, 410 units from the March 5 purchase, 120 units from the March 18 purchase, and 200 units from the March 25 purchase. # of units 280 units @ $80 per unit 360 units @ $82 per unit 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. 0 1,300 units Cost of Goods Available for Sale Cost of Goods Available for Sale $ Cost per unit 0 O 0 0 Cost of Goods Sold # of units sold 0 Cost per unit $ $ $ 0.00 0.00 0.00 Cost of Goods Sold $ Units Sold at Retail 0 500 units @ $105 per unit 0 0 0 320 units @ $115 per unit 820 units Ending Inventory # of units in ending inventory 0 Cost per unit $ $ $ $ Ending Inventory 0.00 $ 0.00 0.00 500 0 0 0 0
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