Question: Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March.
| Date | Activities | Units Acquired at Cost | Units Sold at Retail | ||||
|---|---|---|---|---|---|---|---|
| March 1 | Beginning inventory | 200 | units | @ $90 per unit | |||
| March 5 | Purchase | 500 | units | @ $95 per unit | |||
| March 9 | Sales | 520 | units | @ $125 per unit | |||
| March 18 | Purchase | 320 | units | @ $100 per unit | |||
| March 25 | Purchase | 400 | units | @ $102 per unit | |||
| March 29 | Sales | 360 | units | @ $135 per unit | |||
| Totals | 1,420 | units | 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.
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