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 560 per unit $65 per unit 170 units 470 units 260 units 340 units 1,240 units $70 per unit $72 per unit Units Sold at Retail 490 units @ $95 per unit 300 units $105 per unit 790 units For specific identification, units sold include 90 units from beginning inventory, 400 units from the March 5 purchase, 110 units from the March 18 purchase, and 190 units from the March 25 purchase.
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 560 per unit $65 per unit 170 units 470 units 260 units 340 units 1,240 units $70 per unit $72 per unit Units Sold at Retail 490 units @ $95 per unit 300 units $105 per unit 790 units For specific identification, units sold include 90 units from beginning inventory, 400 units from the March 5 purchase, 110 units from the March 18 purchase, and 190 units from the March 25 purchase.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
Problem 5-2AA (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
March 9
March 18
March 25
March 29
Activities
Beginning inventory
Purchase
Sales
Purchase.
Purchase
Sales
Totals
Units Acquired at Cost
170 units
470 units
$60 per unit
$65 per unit
260 units
340 units
1,240 units
$70 per unit
$72 per unit
Units Sold at Retail
490 units $95 per unit
300 units $105 per unit
790 units
For specific identification, units sold include 90 units from beginning inventory, 400 units from the March 5 purchase, 110
units from the March 18 purchase, and 190 units from the March 25 purchase.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1a2ec30c-af20-4dbc-9985-f258a025151e%2Fd7058a04-bcdb-4e7f-89fc-05af4b6e640b%2Fyk9eti_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Problem 5-2AA (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
March 9
March 18
March 25
March 29
Activities
Beginning inventory
Purchase
Sales
Purchase.
Purchase
Sales
Totals
Units Acquired at Cost
170 units
470 units
$60 per unit
$65 per unit
260 units
340 units
1,240 units
$70 per unit
$72 per unit
Units Sold at Retail
490 units $95 per unit
300 units $105 per unit
790 units
For specific identification, units sold include 90 units from beginning inventory, 400 units from the March 5 purchase, 110
units from the March 18 purchase, and 190 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.
a) Periodic FIFO
Cost of Goods Available for Sale
Cost of Goods Sold
Ending Inventory](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1a2ec30c-af20-4dbc-9985-f258a025151e%2Fd7058a04-bcdb-4e7f-89fc-05af4b6e640b%2Fztq3hs_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
Cost of Goods Sold
Ending Inventory
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