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

90

units

@ $50.80 per unit

Mar.

5

Purchase

220

units

@ $55.80 per unit

Mar.

9

Sales

250

units

@ $85.80 per unit

Mar.

18

Purchase

80

units

@ $60.80 per unit

Mar.

25

Purchase

140

units

@ $62.80 per unit

Mar.

29

Sales

120

units

@ $95.80 per unit

Totals

530

units

370

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 60 units from beginning inventory and 190 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 80 units from the March 25 purchase.