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Problem 6-1A (Algo) Perpetual: Alternative cost flows LO P1

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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
March 1	Beginning inventory	80	units	@ $50.60 per unit
March 5	Purchase	215	units	@ $55.60 per unit
March 9	Sales				240	units	@ $85.60 per unit
March 18	Purchase	75	units	@ $60.60 per unit
March 25	Purchase	130	units	@ $62.60 per unit
March 29	Sales				110	units	@ $95.60 per unit
	Totals	500	units		350	units

Problem 6-1A (Algo) Part 3

3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 55 units from beginning inventory, 185 units from the March 5 purchase, 35 units from the March 18 purchase, and 75 units from the March 25 purchase.