Question
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. DateActivitiesUnits Acquired at CostUnits Sold at RetailMar.1Beginning
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.
DateActivitiesUnits Acquired at CostUnits Sold at RetailMar.1Beginning inventory150units@ $52.00/unitMar.5Purchase250units@ $57.00/unitMar.9Sales310units@ $87.00/unitMar.18Purchase110units@ $62.00/unitMar.25Purchase200units@ $64.00/unitMar.29Sales180units@ $97.00/unitTotals710units490units
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 90 units from beginning inventory and 220 units from the March 5 purchase; the March 29 sale consisted of 70 units from the March 18 purchase and 110 units from the March 25 purchase. (Round your average cost per unit to 2 decimal places.)
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