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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. Units Acquired at Cost Units Sold at Retail. Date March 1 March 5 Activities Beginning inventory Purchase 120 units $51.40 per unit 235 units March 9 Sales March 18 March 25 Purchase Purchase 95 units 170 units $56.40 per unit $61.40 per unit $63.40 per unit 280 units $86.40 per unit March 29 Sales 620 units 150 units $96.40 per unit 430 units Totals 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO. (c) weighted average, and (c) specific identification For specific identification, units sold include 75 units from beginning inventory, 205 units from the March 5 purchase, 55 units from the March 18 purchase, and 95 units from the March 25 purchase.
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