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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
[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 March 1 Units Sold at Retail March 5 March 9 March 18, March 25 March 29 Activities Beginning inventory Purchase 110 units Units Acquired at Cost $51.20 per unit 230 units $56.20 per unit Sales 270 units $86.20 per unit Purchase Purchase 90 units @ $61.20 per unit. 160 units @ $63.20 per unit. Sales Totals 590 units 140 units $96.20 per unit 410 units 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 70 units from beginning inventory, 200 units from the March 5 purchase, 50 units from the March 18 purchase, and 90 units from the March 25 purchase.
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