Problem 5-1A Perpetual: Alternative cost flows LO P1 [The following information applies to the questions...
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Problem 5-1A Perpetual: Alternative cost flows LO P1 [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 Activities Units Acquired at Cost 70 units $50.40 per unit 210 units $55.40 per unit Units Sold at Retail Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 230 units $85.40 per unit 70 units $60.40 per unit 120 units $62.40 per unit 100 units a $95.40 per unit 330 units Totals 470 units Problem 5-1A Part 3 3. 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 50 units from beginning inventory and 180 units from the March 5 purchase; the March 29 sale consisted of 30 units from the March 18 purchase and 70 units from the March 25 purchase
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