Required information Problem 6-2AA (Algo) Periodic: Alternative cost flows LO P3 Skip to question ...
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Required information
Problem 6-2AA (Algo) Periodic: Alternative cost flows LO P3
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[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
155
units
@ $45 per unit
March 5
Purchase
455
units
@ $50 per unit
March 9
Sales
475
units
@ $80 per unit
March 18
Purchase
230
units
@ $55 per unit
March 25
Purchase
310
units
@ $57 per unit
March 29
Sales
270
units
@ $90 per unit
Totals
1,150
units
745
units
For specific identification, units sold include 50 units from beginning inventory, 425 units from the March 5 purchase, 95 units from the March 18 purchase, and 175 units from the March 25 purchase.
Problem 6-2AA (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.
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