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Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Activities
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Activities Beginning inventory Purchase March 9 Sales March 18 Purchase March 25 Purchase Units Acquired at Cost 100 units @ $50 per unit 400 units @ $55 per unit 120 units @ $60 per unit 200 units @ $62 per unit Units Sold at Retail 420 units @ $85 per unit March 29 Sales Totals 820 units 160 units @ $95 per unit 580 units For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification.
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