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Activities Beginning inventory Purchase 170 units 470 units Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions
Activities Beginning inventory Purchase 170 units 470 units Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Units Sold at Retail Units Acquired at Cost @ $60 per unit @$65 per unit March 9 Sales 490 units $95 per unit March 18: Purchase 260 units March 25 Purchase 340 units @$70 per unit @$72 per unit March 29 Sales Totals 1,240 units 300 units $105 per unit 790 units: For specific identification, units sold include 90 units from beginning inventory, 400 units from the March 5 purchase, 110 units from the March 18 purchase, and 190 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. (Round your "average cost per unit" to 2 decimal places.)
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