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.
| Date | Activities | Units Acquired at Cost | Units Sold at Retail |
| Mar. | 1 | | Beginning inventory | | 100 | units | @ $50.00 per unit | | | | |
| Mar. | 5 | | Purchase | | 400 | units | @ $55.00 per unit | | | | |
| Mar. | 9 | | Sales | | | | | | 420 | units | @ $85.00 per unit |
| Mar. | 18 | | Purchase | | 120 | units | @ $60.00 per unit | | | | |
| Mar. | 25 | | Purchase | | 200 | units | @ $62.00 per unit | | | | |
| Mar. | 29 | | Sales | | | | | | 160 | units | @ $95.00 per unit |
| | | | Totals | | 820 | units | | | 580 | units | |
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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.
