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

130

units

@ $51.60 per unit

Mar.

5

Purchase

240

units

@ $56.60 per unit

Mar.

9

Sales

290

units

@ $86.60 per unit

Mar.

18

Purchase

100

units

@ $61.60 per unit

Mar.

25

Purchase

180

units

@ $63.60 per unit

Mar.

29

Sales

160

units

@ $96.60 per unit

Totals

650

units

450

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 80 units from beginning inventory and 210 units from the March 5 purchase; the March 29 sale consisted of 60 units from the March 18 purchase and 100 units from the March 25 purchase.