#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.

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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