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

110

units

@ $51.20 per unit

Mar.

5

Purchase

230

units

@ $56.20 per unit

Mar.

9

Sales

270

units

@ $86.20 per unit

Mar.

18

Purchase

90

units

@ $61.20 per unit

Mar.

25

Purchase

160

units

@ $63.20 per unit

Mar.

29

Sales

140

units

@ $96.20 per unit

Totals

590

units

410

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 70 units from beginning inventory and 200 units from the March 5 purchase; the March 29 sale consisted of 50 units from the March 18 purchase and 90 units from the March 25 purchase.