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 Mar 1 Beginning inventory 100 units $67 00 per unit Mar 5 Purchase 400 units $72 00 per unit Mar 9 Sales 420 units $102 00 per unit Mar 18 Purchase 120 units $77 00 per unit Mar 25 Purchase 200 units $79 00 per unit Mar 29 Sales 160 units $112 00 per unit Totals 820 units 580 units 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 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

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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

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[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

Mar.

Beginning inventory

100

units

@ $67.00 per unit

Mar.

Purchase

400

units

@ $72.00 per unit

Mar.

Sales

420

units

@ $102.00 per unit

Mar.

Purchase

120

units

@ $77.00 per unit

Mar.

Purchase

200

units

@ $79.00 per unit

Mar.

Sales

160

units

@ $112.00 per unit

Totals

820

units

580

units

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 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.