Required information

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

[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.

DateActivitiesUnits Acquired at CostUnits Sold at Retail

Mar.1 Beginning inventory 230units@ $53.60 per unit

Mar.5 Purchase 290units@ $58.60 per unit

Mar.9 Sales 390units@ $88.60 per unit

Mar.18 Purchase 150units@ $63.60 per unit

Mar.25 Purchase 280units@ $65.60 per unit

Mar.29 Sales 260units@ $98.60 per unit

Totals 950units 650units

rev: 07_02_2019_QC_CS-172333

Problem 6-1A Part 1

Required:

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 130 units from beginning inventory and 260 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 150 units from the March 25 purchase.