Weighted Average Assignment

Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Required at Coat 185 units @ $75 per unit 485 units @ $80 per unit 505 units @ $110 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 290 units @ $85 per unit 370 units @ $87 per unit 330 units e $120 per unit 835 units 1,330 units For specific identification, the March 9 sale consisted of 40 units from beginning inventory and 465 units from the March 5 purchase; the March 29 sale consisted of 125 units from the March 18 purchase and 205 units from the March 25 purchase. Chapter

Required. 1. Compute the cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale # of Units of Units Costs per Cost of Goods Available Unit for Sale Beginning inventory Purchases: March 5 March 18 March 25 Required Information (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. Units Sold at Retail Units Acquired at Cost 185 units $75 per unit 485 units @ $80 per unit 505 units & $110 per unit Date Metivities Mar. 1 Beginning inventory Mar. 5 Purchase Mar 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar 29 Sales Totals 290 units @ $85 per unit 370 units $87 per unit 330 units @ $120 per unit 835 units 1,330 units For specific identification, the March 9 sale consisted of 40 units from beginning inventory and 465 units from the March 5 purchase; the March 29 sale consisted of 125 units from the March 18 purchase and 205 units from the March 25 purchase. 2. Compute the number of units in ending inventory. Ending inventory Check For specific identification, the March 9 sale consisted of 40 units from beginning inventory and 465 units from the March 5 purchase; the March 29 sale consisted of 125 units from the March 18 purchase and 205 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. (Ro your average cost per unit to 2 decimal places.) a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold of units in ending Inventory Cost per unit Ending Inventory Beginning inventory Purchases: March 5 March 18 March 25 Total b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Goods unit Available for Sale # of units Cost per W of units sold Cost per unit Cost of Goods Sold of units in ending Inventory Cost per unit Ending Inventory Beginning inventory < Prey 89 of 9 !!! Next > Required Information b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending Inventory Cost per unit Ending Inventory Beginning inventory Purchases: March 5 March 18 March 25 Total c) Average Cost Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Average Goods of units Cost per Available unit for Sale #of units sold Average Cost per Unit Cost of Goods Sold # of units In ending Inventory Average Cost per Ending Inventory unit Beginning inventory Purchases: March 5 March 18 March 25 Total < Prex 89 of 9 Next > March 18 March 25 Total Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale #of units sold Cost per unit Cost of Goods Sold #of units in ending Inventory Cost per unit Ending Inventory Beginning inventory Purchases March 5 March 18 March 25 Total < Prex 89 of 9 Next > For specific identification, the March 9 sale consisted of 40 units from beginning inventory and 465 units from the March 5 purchase; the March 29 sale consisted of 125 units from the March 18 purchase and 205 units from the March 25 purchase. 4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places and final answers to the nearest whole dollar.) FIFO L IFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit.