[The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory sys

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The Following Information Applies To The Questions Displayed Below Warnerwoods Company Uses A Perpetual Inventory Sys 1 (132.06 KiB) Viewed 14 times

[The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Units Sold at Retail March 1 March 5 March 9 Activities Beginning inventory Purchase Sales Units Acquired at Cost 140 units @ $51.80 per unit 245 units @ $56.80 per unit 300 units @ $86.80 per unit March 18 Purchase 105 units @ $61.80 per unit 190 units @ $63.80 per unit Purchase March 25 March 29 Sales Totals 170 units @ $96.80 per unit 470 units 680 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 85 units from beginning inventory, 215 units from the March 5 purchase, 65 units from the March 18 purchase, and 105 units from the March 25 purchase.