Required information

[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

160

units

@ $52.20 per unit

Mar.

5

Purchase

255

units

@ $57.20 per unit

Mar.

9

Sales

320

units

@ $87.20 per unit

Mar.

18

Purchase

115

units

@ $62.20 per unit

Mar.

25

Purchase

210

units

@ $64.20 per unit

Mar.

29

Sales

190

units

@ $97.20 per unit

Totals

740

units

510

units

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 95 units from beginning inventory and 225 units from the March 5 purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 115 units from the March 25 purchase.