Required information [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 @$40 per unit @ $45 per unit 150 units 450 units 220 units 300 units 1,120 units @ $50 per unit @$52 per unit Units Sold at Retail 470 units @ $75 per unit 260 units @ $85 per unit 730 units For specific identification, units sold include 40 units from beginning inventory, 430 units from the March 5 purchase, 90 units from the March 18 purchase, and 170 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. Note: Round your "average cost per unit" to 2 decimal places. S PO
Required information [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 @$40 per unit @ $45 per unit 150 units 450 units 220 units 300 units 1,120 units @ $50 per unit @$52 per unit Units Sold at Retail 470 units @ $75 per unit 260 units @ $85 per unit 730 units For specific identification, units sold include 40 units from beginning inventory, 430 units from the March 5 purchase, 90 units from the March 18 purchase, and 170 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. Note: Round your "average cost per unit" to 2 decimal places. S PO
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...
Related questions
Question
![Required information
[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
a) Periodic FIFO
Beginning inventory
Purchases:
March 5
March 18
March 25
Total
Activities
Beginning inventory
Purchase
Sales
Purchase
Purchase
Sales
Totals
b) Periodic LIFO
Units Acquired at Cost
@ $40 per unit
@$45 per unit
# of units
150 units
450 units
For specific identification, units sold include 40 units from beginning inventory, 430 units from the March
5 purchase, 90 units from the March 18 purchase, and 170 units from the March 25 purchase.
0
220 units
300 units
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.
Cost per
unit
1,120 units
Cost of Goods Available for Sale
Cost of
Goods
Available
for Sale
$
0
0
@$50 per unit
@$52 per unit
0
0
Cost of Goods Available for Sale
Cost of Goods Sold
# of units
sold
0
Cost per
unit
$
$
$
CA
0.00
0.00
0.00
Cost of
Goods
Sold
$
Cost of Goods Sold
Units Sold at Retail
0
470 units @ $75 per unit
0
0
0
260 units @ $85 per unit
730 units
Ending Inventory
# of units in
ending
inventory
0
Cost per
unit
$
$
LALA69
$
$
0.00
0.00
0.00
0.00
Ending
Inventoi
Ending Inventory
LA
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F950613fd-26c6-4844-b5a3-71f00403aac3%2F195f8fc6-a866-4840-b6cf-0e7f79270cc2%2F53y4vg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[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
a) Periodic FIFO
Beginning inventory
Purchases:
March 5
March 18
March 25
Total
Activities
Beginning inventory
Purchase
Sales
Purchase
Purchase
Sales
Totals
b) Periodic LIFO
Units Acquired at Cost
@ $40 per unit
@$45 per unit
# of units
150 units
450 units
For specific identification, units sold include 40 units from beginning inventory, 430 units from the March
5 purchase, 90 units from the March 18 purchase, and 170 units from the March 25 purchase.
0
220 units
300 units
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.
Cost per
unit
1,120 units
Cost of Goods Available for Sale
Cost of
Goods
Available
for Sale
$
0
0
@$50 per unit
@$52 per unit
0
0
Cost of Goods Available for Sale
Cost of Goods Sold
# of units
sold
0
Cost per
unit
$
$
$
CA
0.00
0.00
0.00
Cost of
Goods
Sold
$
Cost of Goods Sold
Units Sold at Retail
0
470 units @ $75 per unit
0
0
0
260 units @ $85 per unit
730 units
Ending Inventory
# of units in
ending
inventory
0
Cost per
unit
$
$
LALA69
$
$
0.00
0.00
0.00
0.00
Ending
Inventoi
Ending Inventory
LA
$
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Financial And Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337902663/9781337902663_smallCoverImage.jpg)
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
![Survey of Accounting (Accounting I)](https://www.bartleby.com/isbn_cover_images/9781305961883/9781305961883_smallCoverImage.gif)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,