14

Part 3 of 4

6.00

points

■

eBook

Print

References

Required Information

[The following information applies to the questions displayed below.)

Total

Warnerwoods Company uses a periodic Inventory system. It entered into the following purchases and sales transactions

for March.

a) Periodic FIFO

Date

March 1

March 5

March 9

March 18

March 25

March 29

Beginning inventory

Purchases:

March 5

March 18

March 25

Total

b) Periodic LIFO

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.

Beginning inventory

Purchases:

March 5

March 18

March 25

Total

c) Average Cost

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.

Beginning inventory

Purchases:

March 5

March 18

March 25

Total

d) Specific Identification

Beginning inventory

Purchases:

March 5

Activities

Beginning inventory

Purchase

Sales

Purchase

Purchase

Sales

Totals

March 18

March 25

# of units

Cost of Goods Available for Sale

Cost of

Goods

Available

for Sale

170 S 60.00 $ 10,200

470 $ 60.00

200 $70.00

340 S 72.00

1.240

Cost per

unit

# of units Cost per

unit

470 $65.00

200 $ 70.00

Cost of Goods Available for Sale

Cost of

Goods

Available

for Sale

170 S 60.00 $ 10,200

Units Acquired at Cost

178 units @ $60 per unit

478 units @ $65 per unit

Average

# of units Cost per

unit

170

268 units @ $70 per unit

348 units @ $72 per unit

1,240 units

340 S 72.00 24,480

1.240

$ 83,430

Cost of Goods Available for Sale

Cost of

Goods

Available

for Sale

$ 10,200

# of units

30,500

18,200

24,480

$ 83,430

1,240

470

30,500

200

18,200

340

24,480

1,240 S 67.28 $83,430

Cost per

unit

470 S 65.00

200 S 70.00

340 $ 72.00

30,500

18,200

Cost of Goods Available for Sale

Cost of

Goods

Avaliable

for Sale

170 s 00.00 $ 10,200

30,550

18,200

24,400

$ 83,430

Cost of Goods Sold

# of units Cost per

sold

unit

170 $ 00.00 $ 10,200

470 $ 65.00

150 $70.00

0

790

# of units

sold

Cost of Goods Sold

0

Cost per

unit

# of units

sold

Cost of

Goods

Sowe

Sold

190 $ s 05.00 $12,350

250 $ 70.00

340 $72.00

790

Average

Cost per

30,550

10,500

0

$ 51,250

Cost of Goods Sold

Cost of

Goods

Sold

# of units Cost per

sold

unit

18,200

24,480

$ 55,030

400 $ 05.00

110 $ 70.00

190 $ 72.00

790

790 $ 67.28 $ 53,15

Cost of

Goods

Sold

Cost of Goods Sold

Cost of

Goods

Sold

90 $00.00 $ 5,400

Units Sold at Retail

490 units @ $95 per unit

25,000

7,700

13,080

$ 52,780

300 units $185 per unit

790 units

Ending Inventory

# of units in

ending

Inventory

0 $ 0.00

110 $ 70.00

340 $72.00

450

# of units in

ending

Inventory

Ending Inventory

Cost per

unit

0 $ 0.00 $

280

0

0

450

# of units in

ending

Inventory

Cost per

unit

170 $ 00.00 $ 10.200

Ending Inventory

# of units in

ending

Inventory

05.00

Ending

Inventory

Ending Inventory

Cost per

unit

450

0

7,700

24,480

$ 32,180

Ending

Inventory

450 $67.28 $ 30,276

70 $ 05.00

150 $70.00

150

$ 72.00

Average Ending

Cost per

unit

Inventory

18.200

0

0

$ 28,400

80 $ 00.00 $ 4,800

Ending

Inventory

4,550

10,500

10,800

$ 30,050