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#21 Required information Problem 5-2AA (Algo) Periodic: Alternative cost flows LO P3 [The following information...

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Accounting

#21 Required information

Problem 5-2AA (Algo) Periodic: Alternative cost flows LO P3

[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
March 1 Beginning inventory 140 units @ $75 per unit
March 5 Purchase 440 units @ $80 per unit
March 9 Sales 460 units @ $110 per unit
March 18 Purchase 200 units @ $85 per unit
March 25 Purchase 280 units @ $87 per unit
March 29 Sales 240 units @ $120 per unit
Totals 1,060 units 700 units

For specific identification, units sold include 90 units from beginning inventory, 370 units from the March 5 purchase, 80 units from the March 18 purchase, and 160 units from the March 25 purchase.

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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. b) Periodic LIFO c) Average Cost d) Specific Identification
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