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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
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 95 units from beginning inventory and 225 units from the March 5 purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 115 units from the March 25 purchase. (Round your average cost per unit to 2 decimal places.)
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. Activities Units Acquired at Cost Units Sold at Retail Date Mar. 1 Beginning inventory 160 u $52.20 per unit Mar. 5 Purchase 255 units $5720 per unit Mar. 9 Sales 320 units $8720 per unit 115 units a $62.20 per unit Mar. 18 Purchase Mar. 25 Purchase 210 units $64.20 per unit 190 units $9720 per unit Mar. 29 Sales Totals 740 units 510 unitsStep by Step Solution
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