Required information Problem 6-2AA (Algo) 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 Units Sold at Retail Activities Beginning inventory Purchase March 9 Sales March 18 Purchase March 25 Purchase March 29 Sales Totals 210 units @ $105 per unit 655 units For specific identification, units sold include 80 units from beginning inventory, 365 units from the March 5 purchase, 65 units from the March 18 purchase, and 145 units from the March 25 purchase. Units Acquired at Cost 125 units @ $60 per unit 425 units @ $65 per unit 170 units @ $70 per unit 250 units @ $72 per unit 970 units 445 units @ $95 per.unit
Required information Problem 6-2AA (Algo) 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 Units Sold at Retail Activities Beginning inventory Purchase March 9 Sales March 18 Purchase March 25 Purchase March 29 Sales Totals 210 units @ $105 per unit 655 units For specific identification, units sold include 80 units from beginning inventory, 365 units from the March 5 purchase, 65 units from the March 18 purchase, and 145 units from the March 25 purchase. Units Acquired at Cost 125 units @ $60 per unit 425 units @ $65 per unit 170 units @ $70 per unit 250 units @ $72 per unit 970 units 445 units @ $95 per.unit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
Problem 6-2AA (Algo) 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
Activities
Beginning inventory
Purchase
March 9
Sales
March 18
March 25
March 29
Purchase
Purchase
Sales
Units Acquired at Cost
125 units @ $60 per unit
425 units @ $65 per unit
170 units @ $70 per unit
250 units @ $72 per unit
Units Sold at Retail
445 units @ $95 per.unit
Totals
970 units
210 units @ $105 per unit
655 units
For specific identification, units sold include 80 units from beginning inventory, 365 units from the March 5 purchase, 65
units from the March 18 purchase, and 145 units from the March 25 purchase.
Problem 6-2AA (Algo) Part 3
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.
a) Periodic FIFO
Cost of Goods Available for Sale
# of units
Cost per
unit
Cost of
Goods
Available
for Sale
Cost of Goods Sold
Ending Inventory
# of units
sold
Cost per
unit
Cost of
Goods
Sold
# of units in
ending
inventory
Cost per
unit
Ending
Inventory](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb9a9b91d-82ae-45a6-a1cf-f5f08ba0242b%2Fd9aa0d1a-1ee1-4e1e-892a-76798059f5cc%2F9csa1gi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:es
Required information
Problem 6-2AA (Algo) 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
Activities
Beginning inventory
Purchase
March 9
Sales
March 18
March 25
March 29
Purchase
Purchase
Sales
Units Acquired at Cost
125 units @ $60 per unit
425 units @ $65 per unit
170 units @ $70 per unit
250 units @ $72 per unit
Units Sold at Retail
445 units @ $95 per.unit
Totals
970 units
210 units @ $105 per unit
655 units
For specific identification, units sold include 80 units from beginning inventory, 365 units from the March 5 purchase, 65
units from the March 18 purchase, and 145 units from the March 25 purchase.
Problem 6-2AA (Algo) Part 3
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.
a) Periodic FIFO
Cost of Goods Available for Sale
# of units
Cost per
unit
Cost of
Goods
Available
for Sale
Cost of Goods Sold
Ending Inventory
# of units
sold
Cost per
unit
Cost of
Goods
Sold
# of units in
ending
inventory
Cost per
unit
Ending
Inventory
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