Question

o Required information 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 Tor March Date Activities Inventory Uits contred at Cost 19ts per unit Units Soldattal 51 ts $115 per unit 300 units per unit 30 units 592 340 $125 per unit o la For specific identification, the March 9 sale consisted of 50 unts from beginning inventory and 460 units from the Manch 5 purchase the March 29 seconded of 130 units from the March 18 purchase and 200 units from the March 25 purchase 3. Compute the cost assigned to ending inventory using your average cost per un to 2 decimal places.) RFO DUFO weighted average and specific identification Round Ending inwentary in ending cost per Ending $ 0.00 $15.200 11.200 < Type here to search Prev

Answer 1

FIFO	Cost of goods available for sale			Cost of goods sold - Periodic			Ending Inventory
Beginning Inventory	190	$                       80	$     15,200	190	$          80	$     15,200	-	$          80	$                -
Purchases:
Mar-05	490	$                       85	$     41,650	490	$          85	$     41,650	-	$          85	$                -
Mar-18	300	$                       90	$     27,000	170	$          90	$     15,300	130	$          90	$       11,700
Mar-25	380	$                       92	$     34,960	-	$          92	$              -	380	$          92	$       34,960
	1,360		$ 1,18,810	850		$     72,150	510		$       46,660
LIFO	Cost of goods available for sale			Cost of goods sold - Periodic			Ending Inventory
Beginning Inventory	190	$                       80	$     15,200	-	$          80	$              -	190	$          80	$       15,200
Purchases:
Mar-05	490	$                       85	$     41,650	170	$          85	$     14,450	320	$          85	$       27,200
Mar-18	300	$                       90	$     27,000	300	$          90	$     27,000	-	$          90	$                -
Mar-25	380	$                       92	$     34,960	380	$          92	$     34,960	-	$          92	$                -
	1,360		$ 1,18,810	850		$     76,410	510		$       42,400
Weighted Average	Cost of goods available for sale			Cost of goods sold - Periodic			Ending Inventory
Beginning Inventory	190	$                       80	$     15,200
Purchases:
Mar-05	490	$                       85	$     41,650
Mar-18	300	$                       90	$     27,000
Mar-25	380	$                       92	$     34,960
	1,360	$                 87.36	$ 1,18,810	850	$    87.36	$     74,256	510	$    87.36	$       44,554
Specific Identification	Cost of goods available for sale			Cost of goods sold - Periodic			Ending Inventory
Beginning Inventory	190	$                       80	$     15,200	50	$          80	$       4,000	140	$          80	$       11,200
Purchases:
Mar-05	490	$                       85	$     41,650	460	$          85	$     39,100	30	$          85	$         2,550
Mar-18	300	$                       90	$     27,000	130	$          90	$     11,700	170	$          90	$       15,300
Mar-25	380	$                       92	$     34,960	210	$          92	$     19,320	170	$          92	$       15,640
	1,360		$ 1,18,810	850		$     74,120	510		$       44,690