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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 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.

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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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.
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
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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