Question
Required information [The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases
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 March 1 March 5 Beginning inventory Purchase 100 units Units Acquired at Cost @$51.00 per unit Units Sold at Retall March 91 Sales March 18 March 25 Purchase Purchase March 29 Sales Totals 225 units 85 units 150 units 560 units a $56.00 per unit $61.00 per unit $63.00 per unit 260 units $56.00 per unit- 138 units $96.00 per unit 390 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 65 units from beginning inventory, 195 units from the March 5 purchase, 45 units from the March 18 purchase, and 85 units from the March 25 purchase. Check my work
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