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Required information [The following information applies to the questions displayed below] Wamerwoods Company uses a periodic inventory system. It entered into the following purchases
Required information [The following information applies to the questions displayed below] Wamerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Date Activities Mar. Mar. Har 1 Beginning Inventory 5 Purchase Units Acquired at Cost 175 units @ $65 per unit 475 units $70 per unit Units Sold at Retall Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 495 units@ $100 per unit Totals 270 units @ $75 per unit 350 units @ $77 per unit 1,270 units 310 units@ $110 per unit 005 units For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 415 units from the March 5 purchase, the March 29 sale consisted of 115 units from the March 18 purchase and 195 units from the March 25 purchase 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO. (c) weighted average, and (c) specific identification (Round your "average cost per unit" to 2 decimal places.)
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