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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

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
March 1 Beginning inventory 160 units @ $50 per unit
March 5 Purchase 460 units @ $55 per unit
March 9 Sales 480 units @ $85 per unit
March 18 Purchase 240 units @ $60 per unit
March 25 Purchase 320 units @ $62 per unit
March 29 Sales 280 units @ $95 per unit
Totals 1,180 units 760 units

For specific identification, units sold include 60 units from beginning inventory, 420 units from the March 5 purchase, 100 units from the March 18 purchase, and 180 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.

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