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Warner woods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost

 

Warner woods 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 190 units @ $52.80 per unit

March 5 Purchase 270 units @ $57.80 per unit

March 9 Sales 350 units @ $87.80 per unit

March 18 Purchase 130 units @ $62.80 per unit

March 25 Purchase 240 units @ $64.80 per unit

March 29 Sales 220 units @ $97.80 per unit

Totals 830 units 570 units

Problem 5-1(Algo) Part 3

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 110 units from beginning inventory, 240 units from the March 5 purchase, 90 units from the March 18 purchase, and 130 units from the March 25 purchase.



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