3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 45 units from beginning inventory and 175 units from the March 5 purchase; the March 29 sale consisted of 25 units from the March 18 purchase and 65 units from the March 25 purchase.

Required information

[The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual 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

60

units

@ $50.20 per unit

Mar.

5

Purchase

205

units

@ $55.20 per unit

Mar.

9

Sales

220

units

@ $85.20 per unit

Mar.

18

Purchase

65

units

@ $60.20 per unit

Mar.

25

Purchase

110

units

@ $62.20 per unit

Mar.

29

Sales

90

units

@ $95.20 per unit

Totals

440

units

310

units

Required information The following information applies to the questions displayed below) Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Units Acquired at Cost 60 units@ $50.20 per unit 205 units@ $55.20 per unit Activities Units Sold at Retail 220 units@$85.20 per unit 65 units@ $60.20 per unit 110 units$62.20 per unit 90 units@$95.20 per unit 310 units Totals 440 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 45 units from beginning inventory and 175 units from the March 5 purchase; the March 29 sale consisted of 25 units from the March 18 purchase and 65 units from the March 25 purchase Complete this questions by entering your answers in the below tabs. Weighted Average Perpetual FIFO Perpetual LIFO Specific Id Compute the cost assigned to ending inventory using FIFO