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

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Accounting

Required information

[The following information applies to the questionsdisplayed below.]

Warnerwoods Company uses a perpetual inventory system. It enteredinto the following purchases and sales transactions forMarch.

DateActivitiesUnits Acquired at CostUnits Sold at Retail
Mar.1Beginning inventory100units@ $50.00 per unit
Mar.5Purchase400units@ $55.00 per unit
Mar.9Sales420units@ $85.00 per unit
Mar.18Purchase120units@ $60.00 per unit
Mar.25Purchase200units@ $62.00 per unit
Mar.29Sales160units@ $95.00 per unit
Totals820units580units

3. Compute the cost assigned to endinginventory using (a) FIFO, (b) LIFO, (c)weighted average, and (d) specific identification. Forspecific identification, the March 9 sale consisted of 80 unitsfrom beginning inventory and 340 units from the March 5 purchase;the March 29 sale consisted of 40 units from the March 18 purchaseand 120 units from the March 25 purchase.

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