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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
Beginning inventory
250
units
@ $54.00 per unit
March 5
Purchase
300
units
@ $59.00 per unit
March 9
Sales
410
units
@ $89.00 per unit
March 18
Purchase
160
units
@ $64.00 per unit
March 25
Purchase
300
units
@ $66.00 per unit
March 29
Sales
280
units
@ $99.00 per unit
Totals
1,010
units
690
units
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 140 units from beginning inventory and 270 units from the March 5 purchase; the March 29 sale consisted of 120 units from the March 18 purchase and 160 units from the March 25 purchase.
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