Question

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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 for March. Units Sold at Retail Units Acquired at Cost 100 units @ $50.00 per unit 400 units @ $55.00 per unit 420 units @ $85.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 120 units @ $60.00 per unit 200 units @ $62.00 per unit 160 units @ $95.00 per unit 580 units 820 units For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 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. (Round your average cost per unit to 2 decimal places.)

Answer 1

Answer

--Requirement 3 asked for 'PERIODIC LIFO'

LIFO	Cost of Goods available for sale			Cost of Goods Sold			Ending Inventory
	Units	Cost/unit	COG for sale	Units sold	Cost/unit	COGS	Units	Cost/unit	Ending inventory
Beginning Inventory	100	$                50.00	$                        5,000.00	0	$               50.00	$                              -	100	$                 50.00	$            5,000.00
Purchases:
05-Mar	400	$                55.00	$                      22,000.00	260	$               55.00	$               14,300.00	140	$                 55.00	$            7,700.00
18-Mar	120	$                60.00	$                        7,200.00	120	$               60.00	$                 7,200.00	0	$                 60.00	$                         -
25-Mar	200	$                62.00	$                      12,400.00	200	$               62.00	$               12,400.00	0	$                 62.00	$                         -
TOTAL	820		$                      46,600.00	580		$               33,900.00	240		$          12,700.00