complete Specific Identification

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 Units Acquired at Cost 90 units $50.80 per unit 220 units e$55.00 per unit Units sold at Retail Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 250 units @ $85.80 per unit 80 units e $60.80 per unit 140 units @ $62.80 per unit 530 units 120 units e $95.80 per unit 370 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 60 units from beginning inventory and 190 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 80 units from the March 25 purchase. Specific Identification: Goods Purchased # of Date units unit March 1 Inventory Balance Cost per # of units sold Cost of Goods Sold Cost of Goods unit Cost per Cost per # of units Sold Inventory Balance unit $ 50.80 = $ 4,572.00 90 @ March 5 90 @ $ 50.80 $ 90 @ 90 @ $ 50.80 = $ 50.80 = 4,572.00 4,572.00 9,144.00 $ March 9 @ 60 @ 1901 @ $ 50.80 $50.80 $ 3,048.00 9,652.00 $ 12,700.00 $ 50.80 = $ 50.80 = March 18 80 @ $ 60.80 @ $ 50.80 $ 50.80 $ 60.80 March 25 140 @ $ 62.80 @ $50.80 $ 50.80 $ 60.80 $ 62.80 March 29 0 0 60 Totals $ 12,700.00