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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 Activities Beginning inventory Purchase. Sales Purchase Purchase Sales Totals Units Acquired at Cost 200 units @ $90 per unit 500 units @ $95 per unit Problem 5-2AA (Algo) Part 3 320 units @ $100 per unit 400 units @ $102 per unit 1,420 units 1 Units Sold at Retail 520 units @ $125 per un 360 units $135 per un 880 units For specific identification, units sold include 70 units from beginning inventory, 450 units from the March 5 purchase, 140 units from the March 18 purchase, and 220 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.

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 200 units @ $90 per unit 500 units @ $95 per unit Problem 5-2AA (Algo) Part 3 320 units @ $100 per unit 400 units @ $102 per unit 1,420 units 1 Units Sold at Retail 520 units @ $125 per un 360 units $135 per un 880 units For specific identification, units sold include 70 units from beginning inventory, 450 units from the March 5 purchase, 140 units from the March 18 purchase, and 220 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.

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 291 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 200 units @ $90 per unit 500 units @ $95 per unit 320 units@ $100 per unit 400 units @ $102 per unit. 1,420 units Units Sold at Retail 520 units @ $125 per un 360 units@ $135 per un 880 units For specific identification, units sold include 70 units from beginning inventory, 450 units from the March 5 purchase, 140 units from the March 18 purchase, and 220 units from the March 25 purchase. Problem 5-2AA (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.
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 291 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 200 units @ $90 per unit 500 units @ $95 per unit 320 units@ $100 per unit 400 units @ $102 per unit. 1,420 units Units Sold at Retail 520 units @ $125 per un 360 units@ $135 per un 880 units For specific identification, units sold include 70 units from beginning inventory, 450 units from the March 5 purchase, 140 units from the March 18 purchase, and 220 units from the March 25 purchase. Problem 5-2AA (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.
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