Question: Please check my answer Required information Problem 5-2AA Periodic: Alternative cost flows LO P3 [T he following information applies to the questions displayed below. J

Please check my answer

Please check my answer Required information Problem 5-2AA Periodic: Alternative cost flowsLO P3 [T he following information applies to the questions displayed below.J Warnerwoods Company uses a periodic inventory system. It entered into thefollowing purchases and sales transactions for March. Date Activities Units Acquired at

Required information Problem 5-2AA Periodic: Alternative cost flows LO P3 [T he following information applies to the questions displayed below. J 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 Mar. 1 Beginning inventory 135 units @ $70 per unit Mar. 5 Purchase 435 units @ $75 per unit Mar. 9 sales 455 units a. $105 per unit Mar. 18 Purchase 190 units a $80 per unit Mar. 25 Purchase 270 units 6 $82 per unit Mar. 29 Sales 230 units 6 $115 per unit Totals 1,030 units 685 units For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 375 units from the March 5 purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 155 units from the March 25 purchase. Problem 5-2AA Part 3 x Answer is complete but not entirely correct. a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of # of Cost per Goods # of Cost per Cost of # of units Cost per Ending units units Goods unit Available unit in ending unit for Sale sold Sold inventory Inventory Beginning inventory 135 ~ $ 70.00 ~ $ 9,450 135 $ 70.00 $ 9,450 OV $ 0.00 $ 0 Purchases: March 5 435 $ 75.00 32,625 435 ~ $ 75.00 32,625 ON $ 0.00 0 March 18 190 $ 80.00 15,200 115 $ 80.00 9,200 75 $ 80.00 6,000 March 25 270 ~ $ 82.00 22,140 115 X $ 82.00 9.430 155 X $ 82.00 12,710 Total 1,030 $ 79,415 800 $60,705 230 $ 18,710 b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of # of Cost per Goods # of Cost per Cost of # of units Ending units unit Available units Goods Cost per unit in ending unit for Sale sold Sold inventory Inventory Beginning inventory 135 $ 70.00 $ 9,450 OV 135 $ 70.00 $ 9,450 Purchases: March 5 435 $ 75.00 32,625 345 X $ 75.00 25,875 90 X 75.00 6,750 March 18 190 EA 80.00 15,200 190 ~ $ 80.00 15,200 0 March 25 270 EA 82.00 22, 140 270 $ 82.00 22, 140 Total 1,030 $ 79,415 805 $63,215 225 $ 16,200c) Average Cost Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of # of Average Goods # of Average Cost of # of units Average Cost per Cost per Goods in ending Cost per Ending units Available units unit for Sale sold Unit Sold inventory Inventory unit Beginning inventory 135 $ 9,450 Purchases: March 5 435 32,625 March 18 190 15,200 March 25 270 22, 140 Total 1,030 $ 75.00 X $ 79,415 685 $ 75.00 x $51,375 O X $ 75.00 X $ 0 d) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of # of Cost per Goods # of Cost per Cost of # of units Cost per Ending units unit Available units unit Goods in ending Sold inventory unit Inventory for Sale sold Beginning inventory 135 $ 70.00 $ 9,450 80 ~ $ 70.00 $ 5,600 55 $ 70.00 $ 3,850 Purchases: March 5 435 $ 75.00 32,625 375 ~ $ 75.00 28,125 60 $ 75.00 4,500 March 18 190 $ 80.00 15,200 75 ~ $ 80.00 6,000 115 ~ $ 80.00 9,200 March 25 270 $ 82.00 22,140 155 ~ $ 82.00 12,710 115 ~ $ 82.00 9,430 Total 1,030 $ 79,415 685 $52,435 345 $ 26,980

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!