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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
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. Activities Units Acquired at Cost Uni 220 units@ $85.20 per unit 90 units $95.20 per unit Date its Sold at Retail Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 60 units $50.20 per unit 205 units$55.20 per unit 65 units $60.20 per unit 110 units $62.20 per unit Totals 440 units 310 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 45 units from beginning inventory and 175 units from the March 5 purchase: t March 29 sale consisted of 25 units from the March 18 purchase and 65 units from the March 25 purchase. Complete this questions by entering your answers in the below tabs
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