Question

Problem 6-2AA Periodic: Alternative cost flows LO P3 Skip to question [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 150 units @ $40 per unit Mar. 5 Purchase 450 units @ $45 per unit Mar. 9 Sales 470 units @ $75 per unit Mar. 18 Purchase 220 units @ $50 per unit Mar. 25 Purchase 300 units @ $52 per unit Mar. 29 Sales 260 units @ $85 per unit Totals 1,120 units 730 units For specific identification, the March 9 sale consisted of 40 units from beginning inventory and 430 units from the March 5 purchase; the March 29 sale consisted of 90 units from the March 18 purchase and 170 units from the March 25 purchase. Problem 6-2AA 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.)

Answer 1