Required informationProblem 5-2AA (Static) Periodic: Alternative cost flows LO P3[The following information applies to the questions displayed below.]Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactionsfor March.DateMarch 1March 5March 9March 18March 25March 29ActivitiesBeginning inventoryPurchaseSalesPurchasePurchaseSalesTotalsUnits Acquired at Cost@$50 per unit@ $55 per unitProblem 5-2AA (Static) Part 3100 units400 units120 units200 units820 units@$60 per unit@ $62 per unitUnits Sold at Retail420 units @ $85 per unit160 units @ $95 per unit580 unitsFor specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40units from the March 18 purchase, and 120 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. (Roundyour "average cost per unit" to 2 decimal places.)

Name: Required informationProblem 5-2AA (Static) Periodic: Alternative cost
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Description: Required informationProblem 5-2AA (Static) Periodic: Alternative cost flows LO P3[The following information applies to the questions displayed below.]Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and s

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Required information Problem 5-2AA (Static) Periodic: Alternative cost flows LO P3 [The following information applies to the questions displayed below.] 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 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost @$50 per unit @$55 per unit 100 units 400 units 120 units 200 units 820 units @$60 per unit @$62 per unit Units Sold at Retail 420 units @ $85 per unit 160 units @ $95 per unit 580 units For specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase.

Required information Problem 5-2AA (Static) Periodic: Alternative cost flows LO P3 [The following information applies to the questions displayed below.] 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 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost @$50 per unit @$55 per unit 100 units 400 units 120 units 200 units 820 units @$60 per unit @$62 per unit Units Sold at Retail 420 units @ $85 per unit 160 units @ $95 per unit 580 units For specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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