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3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 70 units from the beginning inventory, 200 units from the March 5 purchase, 50 units from the March 18 purchase, and 90 units from the March 25 purchase.

Compute the cost assigned to ending inventory using FIFO.

	Perpetual FIFO: Date Goods Purchased Cost of Goods Sold Inventory Balance # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance March 1 110 at $51.20 = $5,632.00 March 5 Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals

Required information [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. Units Sold at Retail Units Acquired at Cost 110 units @ $51.20 per unit 230 units @ $56.20 per unit Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 270 units @ $86.20 per unit 90 units @ $61.20 per unit 160 units @ $63.20 per unit 140 units @ $96.20 per unit 410 units 590 units

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