Problem 5-2AA Periodic: Alternative cost flows LO P3Appendix 5A

[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

Activities

Units Acquired at Cost

Units Sold at Retail

Mar.

1

Beginning inventory

160

units

@ $50 per unit

Mar.

5

Purchase

460

units

@ $55 per unit

Mar.

9

Sales

480

units

@ $85 per unit

Mar.

18

Purchase

240

units

@ $60 per unit

Mar.

25

Purchase

320

units

@ $62 per unit

Mar.

29

Sales

280

units

@ $95 per unit

Totals

1,180

units

760

units

For specific identification, the March 9 sale consisted of 60 units from beginning inventory and 420 units from the March 5 purchase; the March 29 sale consisted of 100 units from the March 18 purchase and 180 units from the March 25 purchase.

References Section BreakProblem 5-2AA Periodic: Alternative cost flows LO P3Appendix 5A

1. value:

2.50 points Required information

Problem 5-2AA Part 1

Required.
1.	Compute cost of goods available for sale and the number of units available for sale.

References eBook & Resources Expanded tableDifficulty: 3 HardProblem 5-2AA Part 1Learning Objective: 05-P3 Appendix 5A-Compute inventory in a periodic system using the methods of specific identification, FIFO, LIFO, and weighted average.Check my work

2. value:

2.50 points Required information

Problem 5-2AA Part 2

2.	Compute the number of units in ending inventory.

References eBook & Resources WorksheetDifficulty: 3 HardProblem 5-2AA Part 2Learning Objective: 05-P3 Appendix 5A-Compute inventory in a periodic system using the methods of specific identification, FIFO, LIFO, and weighted average.Check my work

3. value:

2.50 points Required information

Problem 5-2AA Part 3

3.	Compute the cost assigned to ending inventory using(a)FIFO,(b)LIFO,(c)weighted average, and(d)specific identification.(Round your average cost per unit to 2 decimal places.)

References eBook & Resources Expanded tableDifficulty: 3 HardProblem 5-2AA Part 3Learning Objective: 05-P3 Appendix 5A-Compute inventory in a periodic system using the methods of specific identification, FIFO, LIFO, and weighted average.Check my work

4. value:

2.50 points Required information

Problem 5-2AA Part 4

4.	Compute gross profit earned by the company for each of the four costing methods.(Round your average cost per unit to 2 decimal places.)