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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. March 18 March 25 March 29 ) Periodic FIFO Beginning inventory Purchases: March 5 March 18 March 25 Activities Beginning inventory Purchase Sales Total Purchase Purchase Sales Totals b) Periodic LIFO # of units For specific identification, units sold include 50 units from beginning inventory, 385 units from the March 5 purchase, 55 units from the March 18 purchase, and 135 units from the March 25 purchase. 115 oblem 6-2AA (Algo) Part 3 Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. Ote: Round your "average cost per unit" to 2 decimal places. Cost of Goods Available for Sale Cost of Goods Available for Sale $ 5,750 680 Cost per unit 415 $55.00 150 $ 60.00 Units Acquired at Cost @ $50 per unit @$55 per unit $ 50.00 # of units 115 units 415 units 150 units 230 units 910 units Cost per unit Cost of Goods Available for Sale Cost of Goods Available. for Sale @ $60 per unit @$62 per unit 22,825 9,000 0 $ 37,575 Cost of Goods Sold # of units sold 0 Cost per unit # of units sold $ $ $ 0.00 $ 0.00 0.00 Cost of Goods Sold Cost of Goods Sold Cost per unit Cost of Goods Sold 0 Units Sold at Retail 0 435 units@ $85 per unit 0 0 190 units @ $95 per unit 625 units Ending Inventory # of units in ending inventory 0 # of units in ending inventory Cost per unit $ $ $ $ 0.00 $ 0.00 0.00 0.00 Ending Inventory Ending Inventory Cost per unit Ending Inventory 0 0 0 0

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 ) Periodic FIFO Beginning inventory Purchases: March 5 March 18 March 25 Activities Beginning inventory Purchase Sales Total Purchase Purchase Sales Totals b) Periodic LIFO # of units For specific identification, units sold include 50 units from beginning inventory, 385 units from the March 5 purchase, 55 units from the March 18 purchase, and 135 units from the March 25 purchase. 115 oblem 6-2AA (Algo) Part 3 Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. Ote: Round your "average cost per unit" to 2 decimal places. Cost of Goods Available for Sale Cost of Goods Available for Sale $ 5,750 680 Cost per unit 415 $55.00 150 $ 60.00 Units Acquired at Cost @ $50 per unit @$55 per unit $ 50.00 # of units 115 units 415 units 150 units 230 units 910 units Cost per unit Cost of Goods Available for Sale Cost of Goods Available. for Sale @ $60 per unit @$62 per unit 22,825 9,000 0 $ 37,575 Cost of Goods Sold # of units sold 0 Cost per unit # of units sold $ $ $ 0.00 $ 0.00 0.00 Cost of Goods Sold Cost of Goods Sold Cost per unit Cost of Goods Sold 0 Units Sold at Retail 0 435 units@ $85 per unit 0 0 190 units @ $95 per unit 625 units Ending Inventory # of units in ending inventory 0 # of units in ending inventory Cost per unit $ $ $ $ 0.00 $ 0.00 0.00 0.00 Ending Inventory Ending Inventory Cost per unit Ending Inventory 0 0 0 0

FINANCIAL ACCOUNTING
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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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 ) Periodic FIFO Beginning inventory Purchases. March 5 March 18 March 25 Activities Beginning inventory Purchase Sales Total Purchase Purchase Sales Totals b) Periodic LIFO For specific identification, units sold include 50 units from beginning inventory, 385 units from the March 5 purchase, 55 units from the March 18 purchase, and 135 units from the March 25 purchase. # of units oblem 6-2AA (Algo) Part 3 Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. ote: Round your "average cost per unit" to 2 decimal places. Cost of Goods Available for Sale Cost of Goods Available for Sale $ 5,750 115 $ Cost per unit 680 415 $ 55.00 150 $ 60.00 Units Acquired at Cost 115 units $50 per unit @$55 per unit 415 units 50.00 # of units 150 units 230 units 910 units Cost per unit Cost of Goods Available for Sale Cost of Goods Available for Sale @$60 per unit @ $62 per unit 22,825 9,000 0 $ 37,575 Cost of Goods Sold # of units sold 0 Cost per unit # of units sold $ EA 0.00 $ $ 0.00 $ 0.00 Cost of Goods Sold Cost of Goods Sold Cost per unit Cost of Goods Sold Units Sold at Retail 0 435 units @ $85 per unit 0 0 0 190 units @ $95 per unit 625 units Ending Inventory # of units in ending inventory Cost per unit # of units in ending inventory $ 0.00 $ 0.00 $ 0.00 EA EA $ 0.00 Ending Inventory Cost per unit Ending Inventory $ Ending Inventory 0 0 0 0
Transcribed Image Text: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 ) Periodic FIFO Beginning inventory Purchases. March 5 March 18 March 25 Activities Beginning inventory Purchase Sales Total Purchase Purchase Sales Totals b) Periodic LIFO For specific identification, units sold include 50 units from beginning inventory, 385 units from the March 5 purchase, 55 units from the March 18 purchase, and 135 units from the March 25 purchase. # of units oblem 6-2AA (Algo) Part 3 Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. ote: Round your "average cost per unit" to 2 decimal places. Cost of Goods Available for Sale Cost of Goods Available for Sale $ 5,750 115 $ Cost per unit 680 415 $ 55.00 150 $ 60.00 Units Acquired at Cost 115 units $50 per unit @$55 per unit 415 units 50.00 # of units 150 units 230 units 910 units Cost per unit Cost of Goods Available for Sale Cost of Goods Available for Sale @$60 per unit @ $62 per unit 22,825 9,000 0 $ 37,575 Cost of Goods Sold # of units sold 0 Cost per unit # of units sold $ EA 0.00 $ $ 0.00 $ 0.00 Cost of Goods Sold Cost of Goods Sold Cost per unit Cost of Goods Sold Units Sold at Retail 0 435 units @ $85 per unit 0 0 0 190 units @ $95 per unit 625 units Ending Inventory # of units in ending inventory Cost per unit # of units in ending inventory $ 0.00 $ 0.00 $ 0.00 EA EA $ 0.00 Ending Inventory Cost per unit Ending Inventory $ Ending Inventory 0 0 0 0
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