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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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