Question
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
Mar. 1 Beginning inventory 100 units @ $51.00 per unit Mar. 5 Purchase 400 units @ $56.00 per unit
Mar. 9 Sales 420 units @ $86.00 per unit
Mar. 18 Purchase 120 units @ $61.00 per unit
Mar. 25 Purchase 200 units @ $63.00 per unit
. Compute the cost assigned to ending inventory using (a)FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. 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.
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