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[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

[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
March 1 Beginning inventory 130 units @ $51.60 per unit
March 5 Purchase 240 units @ $56.60 per unit
March 9 Sales 290 units @ $86.60 per unit
March 18 Purchase 100 units @ $61.60 per unit
March 25 Purchase 180 units @ $63.60 per unit
March 29 Sales 160 units @ $96.60 per unit
Totals 650 units 450 units

rev: 05_26_2021_QC_CS-265380, 07_10_2021_QC_CDR-376

3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 80 units from beginning inventory, 210 units from the March 5 purchase, 60 units from the March 18 purchase, and 100 units from the March 25 purchase.

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