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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 195 units @ $85 per unit
Mar. 5 Purchase 495 units @ $90 per unit
Mar. 9 Sales 515 units @ $120 per unit
Mar. 18 Purchase 310 units @ $95 per unit
Mar. 25 Purchase 390 units @ $97 per unit
Mar. 29 Sales 350 units @ $130 per unit
Totals 1,390 units 865 units

For specific identification, the March 9 sale consisted of 60 units from beginning inventory and 455 units from the March 5 purchase; the March 29 sale consisted of 135 units from the March 18 purchase and 215 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. (Round your average cost per unit to 2 decimal places

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ekkarill92 answered 5 months ago
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