Required information Problem 6-2AA (Algo) Periodic: Alternative cost flows LO P3 Skip to question ...

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Accounting

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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