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

Warnerwoods 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 120 units @ $51.40 per unit
March 5 Purchase 235 units @ $56.40 per unit
March 9 Sales 280 units @ $86.40 per unit
March 18 Purchase 95 units @ $61.40 per unit
March 25 Purchase 170 units @ $63.40 per unit
March 29 Sales 150 units @ $96.40 per unit
Totals 620 units 430 units

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 75 units from beginning inventory, 205 units from the March 5 purchase, 55 units from the March 18 purchase, and 95 units from the March 25 purchase.

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