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
March 1 Begin. inventory 160 units @ $52.20 per unit
March 5 Purchase 255 units @ $57.20 per unit
March 9 Sales 320 units @ $87.20 per unit
March 18 Purchase 115 units @ $62.20 per unit
March 25 Purchase 210 units @ $64.20 per unit
March 29 Sales 190 units @ $97.20 per unit
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 95 units from beginning inventory, 225 units from the March 5 purchase, 75 units from the March 18 purchase, and 115 units from the March 25 purchase.
Compute the cost assigned to ending inventory using FIFO. Please fill out the chart
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