Required information [The following information applies to the questions displayed below] Wemerwoods Company uses a periodic...

Transcribed Image Text:

Required information [The following information applies to the questions displayed below] Wemerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Date March 5 Purchase Activities Units Acquired at Cost Units Sold at Retail 100 units 400 units 120 units 200 units 820 units $50 per unit $55 per unit $60 per unit $62 per unit 420 units $85 per unit 160 units $95 per unit Sales March 18 March 25 Purchase Purchase March 29 Sales Totals For specific identification, units sold include 80 units from beginning inventory. 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 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. a) Periodic FIFO Cost of Goods Available for Sale Cost of Cost of Goods Sold Ending Inventory Cost of Goods # of units Sold in ending Cost per unit Inventory Ending Inventory $ 0 $ 0.00 $ 0 $ 0.00 0 0 Beginning inventory Purchases March 5 March 18 March 25 of units Cost per unit Goods of units Cost per unit Available for Sale sold $ 0 0 0 of b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold of units Cost per unit Available Cost of Goods sold of units Cost per unit Cost of Goods for Sale Sold Beginning inventory Purchases March 5 March 18 March 25 c) Average Cost Beginning inventory Purchases March 5 March 18 March 25 Total Cost of Goods Available for Sale Cost of Goods Sold of units Cost of Average Goods Cost per unit Available for Sale # of units Average Cost sold per Unit d) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold of units Ending Inventory Ending in ending Cost per unit Inventory inventory Cost of Goods Sold of units in ending Inventory Ending Inventory Average Cost Ending per unit Inventory of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold Beginning inventory $ Purchases March 5 March 18 March 25 of units Ending Inventory in ending Cost per unit Ending inventory Inventory $ 0 0 Required information [The following information applies to the questions displayed below] Wemerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Date March 5 Purchase Activities Units Acquired at Cost Units Sold at Retail 100 units 400 units 120 units 200 units 820 units $50 per unit $55 per unit $60 per unit $62 per unit 420 units $85 per unit 160 units $95 per unit Sales March 18 March 25 Purchase Purchase March 29 Sales Totals For specific identification, units sold include 80 units from beginning inventory. 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 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. a) Periodic FIFO Cost of Goods Available for Sale Cost of Cost of Goods Sold Ending Inventory Cost of Goods # of units Sold in ending Cost per unit Inventory Ending Inventory $ 0 $ 0.00 $ 0 $ 0.00 0 0 Beginning inventory Purchases March 5 March 18 March 25 of units Cost per unit Goods of units Cost per unit Available for Sale sold $ 0 0 0 of b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold of units Cost per unit Available Cost of Goods sold of units Cost per unit Cost of Goods for Sale Sold Beginning inventory Purchases March 5 March 18 March 25 c) Average Cost Beginning inventory Purchases March 5 March 18 March 25 Total Cost of Goods Available for Sale Cost of Goods Sold of units Cost of Average Goods Cost per unit Available for Sale # of units Average Cost sold per Unit d) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold of units Ending Inventory Ending in ending Cost per unit Inventory inventory Cost of Goods Sold of units in ending Inventory Ending Inventory Average Cost Ending per unit Inventory of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold Beginning inventory $ Purchases March 5 March 18 March 25 of units Ending Inventory in ending Cost per unit Ending inventory Inventory $ 0 0