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Required information Skip to question [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic inventory system. It entered into the

Required information

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[The following information applies to the questions displayed below.]

Warnerwoods Company uses a periodic 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 100 units @ $50 per unit
March 5 Purchase 400 units @ $55 per unit
March 9 Sales 420 units @ $85 per unit
March 18 Purchase 120 units @ $60 per unit
March 25 Purchase 200 units @ $62 per unit
March 29 Sales 160 units @ $95 per unit
Totals 820 units 580 units

For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.

3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification.

Note: Round your average cost per unit to 2 decimal places.

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