Question
[The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions
[The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic 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 | @ $65 per unit | |||||||
Mar. | 5 | Purchase | 430 | units | @ $70 per unit | |||||||
Mar. | 9 | Sales | 450 | units | @ $100 per unit | |||||||
Mar. | 18 | Purchase | 180 | units | @ $75 per unit | |||||||
Mar. | 25 | Purchase | 260 | units | @ $77 per unit | |||||||
Mar. | 29 | Sales | 220 | units | @ $110 per unit | |||||||
Totals | 1,000 | units | 670 | units | ||||||||
For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 380 units from the March 5 purchase; the March 29 sale consisted of 70 units from the March 18 purchase and 150 units from the March 25 purchase.
3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (Round your average cost per unit to 2 decimal places.)
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