Question
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 Mar. 1 Beginning inventory 115 units @ $50.00 per unit Mar. 5 Purchase 415 units @ $55.00 per unit Mar. 9 Sales 435 units @ $85.00 per unit Mar. 18 Purchase 150 units @ $60.00 per unit Mar. 25 Purchase 230 units @ $62.00 per unit Mar. 29 Sales 190 units @ $95.00 per unit Totals 910 units 625 units For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 385 units from the March 5 purchase; the March 29 sale consisted of 55 units from the March 18 purchase and 135 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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