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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales...

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Accounting

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
March 1 Beginning inventory 180 units @ $52.60 per unit
March 5 Purchase 265 units @ $57.60 per unit
March 9 Sales 340 units @ $87.60 per unit
March 18 Purchase 125 units @ $62.60 per unit
March 25 Purchase 230 units @ $64.60 per unit
March 29 Sales 210 units @ $97.60 per unit
Totals 800 units 550 units
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 105 units from beginning inventory, 235 units from the March 5 purchase, 85 units from the March 18 purchase, and 125 units from the March 25 purchase.

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