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 Units
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 195 units @ $85 per unit Mar. 5 Purchase 495 units @ $90 per unit Mar. 9 Sales 515 units @ $120 per unit Mar. 18 Purchase 310 units @ $95 per unit Mar. 25 Purchase 390 units @ $97 per unit Mar. 29 Sales 350 units @ $130 per unit Totals 1,390 units 865 units For specific identification, the March 9 sale consisted of 60 units from beginning inventory and 455 units from the March 5 purchase; the March 29 sale consisted of 135 units from the March 18 purchase and 215 units from the March 25 purchase. Required. 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory. 3. 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.)
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