[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

150

units

@ $52.00 per unit

Mar.

5

Purchase

250

units

@ $57.00 per unit

Mar.

9

Sales

310

units

@ $87.00 per unit

Mar.

18

Purchase

110

units

@ $62.00 per unit

Mar.

25

Purchase

200

units

@ $64.00 per unit

Mar.

29

Sales

180

units

@ $97.00 per unit

Totals

710

units

490

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 90 units from beginning inventory and 220 units from the March 5 purchase; the March 29 sale consisted of 70 units from the March 18 purchase and 110 units from the March 25 purchase.