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Problem 5-1A (Algo) Periodic: Alternative cost flows LO P1 Skip to question [The...

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Accounting

Problem 5-1A (Algo) Periodic: Alternative cost flows LO P1

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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
Mar. 1 Beginning inventory 195 units @ $85 per unit
Mar. 5 Purchase 495 units @ $90 per unit
Mar. 9 Sales 515 units @ $120 per unit
Mar. 18 Purchase 310 units @ $95 per unit
Mar. 25 Purchase 390 units @ $97 per unit
Mar. 29 Sales 350 units @ $130 per unit
Totals 1,390 units 865 units

For specific identification, the March 9 sale consisted of 60 units from beginning inventory and 455 units from the March 5 purchase; the March 29 sale consisted of 135 units from the March 18 purchase and 215 units from the March 25 purchase.

Problem 5-1A (Algo) Part 3

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.)

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