Required Informatlon [The following information applies to the questions displayed below.] Warnerwoods Company uses a...
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Required Informatlon [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. t entered into the following purchases and sales transactions for March. Date Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities Units Sold at Retail Units Acquired at Cost 220 units@ $53.40 per unit 285 units $58.40 per unit 380 units $88.40 per unit 145 units@ $63.40 per unit 270 units@ $65.40 per unit 250 units s98.40 per unit Totals 920 units 630 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 125 units from beginning Inventory and 255 units from the March 5 purchase; the March 29 sale consisted of 105 units from the March 18 purchase and 145 units from the March 25 purchase
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