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[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

Activities

Units Acquired at Cost

Units Sold at Retail

Mar.

1

Beginning inventory

70

units

@ $50.40 per unit

Mar.

5

Purchase

210

units

@ $55.40 per unit

Mar.

9

Sales

230

units

@ $85.40 per unit

Mar.

18

Purchase

70

units

@ $60.40 per unit

Mar.

25

Purchase

120

units

@ $62.40 per unit

Mar.

29

Sales

100

units

@ $95.40 per unit

Totals

470

units

330

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 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.

Complete this question by entering your answers in the tabs below.

• Perpetual FIFO
• Perpetual LIFO
• Weighted Average
• Specific Id

	Gross Margin FIFO LIFO Avg. Cost Spec. ID Sales Less: Cost of goods sold Gross profit

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