o cle connect bSice Gallery HardgoodsOnder Sourcn DESSO PD

o- cle connect bSice Gallery -HardgoodsOnder Sourcn.. ) DESSO PD POINiew Part Number Re.. route guide Saved Required information The following information applies to the questions displayed below Warnerwoods Company uses a periodic inventory system t entered into the following purchases and sales tra for March Date ! . Activities Units Acquired at Costimrunits sold at Retail I Mar. 1 Beginning Mar. 5 Purchase Mar. 9 Sales Mar.18 Purchase Mar.25 Purchase Mar.29 Sales 100 units$50.00 per 400 units e $55.00 per 420 units $85.00 420 units unit 120 units $60.00 per unit 200 units $62.00 per unit 160 units $95.00 per 580 units unit Totals 820 units For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the purchase, the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 pu inventory using (a) FIFO, (b) LIFO. (c/weighted average, your average cost per unit to 2 decimel places.) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending inventory Cost of cost per -unit Cost of Goods in ending #ofunits Goods ,sale | # of units | cost per Available sold - unit inventory for Sale Beginning inventory $5001 s 5 100 550 00 $ 5.000 C Prev 11 12 of 12 Next

Solution

cost of goods available = Total beginning inventory cost + total purchases cost

= $5000 + [22000 + 7200 + 12400]

= $5000 + 41600

= $46600

Ending inventory = Total units available for sale - sold units

= 820 - 580

= 240 units

a.) FIFO:

Cost of goods sold = 100 units from beginning inventory $50 = 5000

400 units from Mar 5 inventory $55 = 22000

80 units from Mar18 inventory $60 = 4800

Total cost of goods sold = 31800

Ending inventory = cost of goods available  - Total cost of goods sold   

= $46600 - 31800

= $14800

b.) LIFO

Cost of goods sold = 200 units from Mar 25 inventory $62=12400

120 units from Mar 18 inventory $60 =7200

260 units from Mar 5 inventory $55 =14300

Total cost of goods sold = 33900

Ending inventory = cost of goods available  - Total cost of goods sold   

= $46600 - 33900

= $12700

c.) Weighted average

Weighted Average cost = cost of goods available / total units  of goods available

= $46600 / 820

   = 56.83

Cost of goods sold = [420 units * $56.83 + 160 units * $56.83]

= $32961.4

Ending inventory = cost of goods available  - Total cost of goods sold   

= 46600 - 32961.4

= $13638.6

d.) Specific identification :

Cost of goods sold = 80 units from beginning units @ $50 = 4000

   =340 units from Mar. 5 units @ $55 = 18700

420 units = $22700

= 40 units from Mar. 18 units @ $60 = 2400

= 120 units from Mar. 25 units @62 = 7440

160 units 9840

Total cost of goods sold =32540

Ending inventory = cost of goods available  - Total cost of goods sold   

= $46600 - 32540

= $14060

Average cost: