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

Warnerwoods Company uses a periodic 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 140 units @ $75 per unit Mar. 5 Purchase 440 units @ $80 per unit Mar. 9 Sales 460 units @ $110 per unit Mar. 18 Purchase 200 units @ $85 per unit Mar. 25 Purchase 280 units @ $87 per unit Mar. 29 Sales 240 units @ $120 per unit Totals 1,060 units 700 units For specific identification, the March 9 sale consisted of 90 units from beginning inventory and 370 units from the March 5 purchase; the March 29 sale consisted of 80 units from the March 18 purchase and 160 units from the March 25 purchase. 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification.

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ekkarill92 answered 8 months ago
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