Warnerwoods Company uses a periodic inventory system. It enteredinto the following purchases and sales transactions for March. DateActivities Units Acquired at Cost Units Sold at Retail Mar. 1Beginning inventory 140 units @ $75 per unit Mar. 5 Purchase 440units @ $80 per unit Mar. 9 Sales 460 units @ $110 per unit Mar. 18Purchase 200 units @ $85 per unit Mar. 25 Purchase 280 units @ $87per unit Mar. 29 Sales 240 units @ $120 per unit Totals 1,060 units700 units For specific identification, the March 9 sale consistedof 90 units from beginning inventory and 370 units from the March 5purchase; the March 29 sale consisted of 80 units from the March 18purchase and 160 units from the March 25 purchase. 3. Compute thecost assigned to ending inventory using (a) FIFO, (b) LIFO, (c)weighted average, and (d) specific identification.
