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Problem 5-1A (Algo) Perpetual: Alternative cost flows LO P1

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[The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual 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	220	units	@ $53.40 per unit
March 5	Purchase	285	units	@ $58.40 per unit
March 9	Sales				380	units	@ $88.40 per unit
March 18	Purchase	145	units	@ $63.40 per unit
March 25	Purchase	270	units	@ $65.40 per unit
March 29	Sales				250	units	@ $98.40 per unit
	Totals	920	units		630	units

Problem 5-1A (Algo) Part 1

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

2. Compute the number of units in ending inventory.

3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 125 units from beginning inventory, 255 units from the March 5 purchase, 105 units from the March 18 purchase, and 145 units from the March 25 purchase.

Compute the cost assigned to ending inventory using FIFO.

Compute the cost assigned to ending inventory using LIFO.

Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.)

Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 125 units from beginning inventory, 255 units from the March 5 purchase, 105 units from the March 18 purchase, and 145 units from the March 25 purchase.