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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 and

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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 and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail March 1 Beginning inventory 230 units @ $53.60 per unit March 5 Purchase 290 units @ $58.60 per unit March 9 Sales 390 units @ $88.60 per unit March 18 Purchase 150 units @ $63.60 per unit March 25 Purchase 280 units @ $65.60 per unit March 29 sales 260 units @ $98.60 per unit Totals 950 units 650 units 3. Compute the cost assigned to ending inventory using (a) FIFO. (b) LIFO. (c) weighted average, and (o) specific identification. For specific identification, units sold include 130 units from beginning inventory. 260 units from the March 5 purchase, 110 units from the March 18 purchase, and 150 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 130 units from beginning inventory, 260 units from the March 5 purchase, 110 units from the March 18 purchase, and 150 units from the March 25 purchase. Specific Identification: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost Goods # of units Cost per unit Puchased sold per unit Cost of Goods Sold Cost # of units Inventory per unit Balance March 1 230 at $ 53.60 = $ 12.328 at $ 53.60 = 0.00 at $ 53.60 = S 0.00 March 5 290 at $ 58.60 16,894 at $ 58.60 $ 58.60 March 18 150 at $ 63.60 2.540 at $ 63.60 0.00 at $ 63.60 = 0.00 March 25 280 at $ 65.60 $ 18,368 at $ 65.60 = at $ 65.60 = Totals 0.00

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