Required information

Skip to question

[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.

Date	Activities	Units Acquired at Cost			Units Sold at Retail
March 1	Beginning inventory	210	units	@ $53.20 per unit
March 5	Purchase	280	units	@ $58.20 per unit
March 9	Sales				370	units	@ $88.20 per unit
March 18	Purchase	140	units	@ $63.20 per unit
March 25	Purchase	260	units	@ $65.20 per unit
March 29	Sales				240	units	@ $98.20 per unit
	Totals	890	units		610	units

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 120 units from beginning inventory, 250 units from the March 5 purchase, 100 units from the March 18 purchase, and 140 units from the March 25 purchase.