Required information Problem 5-1A (Algo) Periodic: Alternative cost flows LO P1 [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 Activities Beginning inventory Units Acquired at Cost Units sold at Retail 150 units $40 per unit March 5 Purchase 450 units $45 per unit March 9 Sales 470 units $75 per unit March 18 Purchase 220 units March 25 Purchase March 29 Sales Totals 300 units 1,120 units $50 per unit $52 per unit 260 units $85 per unit 730 units For specific identification, the March 9 sale consisted of 40 units from beginning inventory and 430 units from the March 5 purchase; the March 29 sale consisted of 90 units from the March 18 purchase and 170 units from the March 25 purchase. Problem 5-1A (Algo) Part 1 Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale # of Units Cost per Unit Cost of Goods Available for Sale: Beginning inventory $ 0 Purchases March 5 March 18 March 25 Total 0 0 Required information Problem 5-1A (Algo) Periodic: Alternative cost flows LO P1 [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 Activities Beginning inventory Purchase Units Acquired at Cost Units Sold at Retail 150 units $40 per unit 450 units $45 per unit March 9 Sales 470 units $75 per unit March 18, March 25 Purchase Purchase 220 units 300 units $50 per unit $52 per unit March 29 Sales Totals 1,120 units 260 units $85 per unit 730 units For specific identification, the March 9 sale consisted of 40 units from beginning inventory and 430 units from the March 5 purchase, the March 29 sale consisted of 90 units from the March 18 purchase and 170 units from the March 25 purchase. Problem 5-1A (Algo) Part 2 2. Compute the number of units in ending inventory. Ending inventory units: Problem 5-1A (Algo) Periodic: Alternative cost flows LO P1 [The following information applies to the questions displayed below.] Wamerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Activities: Beginning inventory Purchase Units Acquired at Cost Units Sold at Retail 150 units 450 units March 9 Sales March 18 Purchase March 25 March 29 Purchase 220 units 300 units $40 per unit $45 per unit $50 per unit $52 per unit 470 units $75 per unit Sales Totals 1,120 units 260 units @$85 per unit 730 units For specific identification, the March 9 sale consisted of 40 units from beginning inventory and 430 units from the March 5 purchase; the March 29 sale consisted of 90 units from the March 18 purchase and 170 units from the March 25 purchase. Problem 5-1A (Algo) Part 3 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 # of units Cost per unit Cost of Goods Cost of # of units Available sold Cost per unit Goods Sold # of units in ending inventory Cost per unit Ending Inventory for Sale $ 0 $ 0.00 $ 0 S 0.00 $ 0 Beginning inventory Purchases March 5 March 18 March 25 Total 0 0 S 0.00 0 $ 0.00 0 0 $ 0.00 0 $ 0.00 0 0 0 $ 0.00 0 0 0 b) Periodic LIFO Cost of Goods Available for Sale Cost of Cost of Goods Sold Ending Inventory Required information b) Periodic LIFO Cost of Goods Available for Sale Beginning inventory Purchases March 5 March 18 March 25 Total Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available # of units Cost per Cost of # of units in Cost per Ending sold unit Goods Sold ending inventory unit Inventory for Sale c) Average Cost Cost of Goods Available for Sale Cost of Goods Sold Average # of units Cost per unit Cost of Goods Available for Sale # of units sold Average Cost per Unit Cost of Goods Sold # of units in ending inventory Ending Inventory Average Cost per unit Ending Inventory Beginning inventory Purchases March 5 March 18 March 25 Total d) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available # of units sold Cost per unit Cost of Goods # of units in Cost per Soldi ending inventory unit Ending Inventory for Sale Beginning inventory S 0 0 Purchases March 5 March 18 March 25 Total 0 0 0 0 0 0 0 0 0 Required information Problem 5-1A (Algo) Periodic: Alternative cost flows LO P1 [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 Activities Beginning inventory Purchase Units Acquired at Cost Units Sold at Retail 150 units $40 per unit 450 units $45 per unit March 9- Sales 470 units $75 per unit March 18 March 25 March 29 Purchase Purchase Sales: 220 units 300 units $50 per unit $52 per unit Totals 1,120 units 260 units $85 per unit 730 units For specific identification, the March 9 sale consisted of 40 units from beginning inventory and 430 units from the March 5 purchase: the March 29 sale consisted of 90 units from the March 18 purchase and 170 units from the March 25 purchase. Problem 5-1A (Algo) Part 4 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar. FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit $ 0 S 0 $ 0 $ 0