Question: 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

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
March 1 Beginning inventory 200 units @ $90 per unit
March 5 Purchase 500 units @ $95 per unit
March 9 Sales 520 units @ $125 per unit
March 18 Purchase 320 units @ $100 per unit
March 25 Purchase 400 units @ $102 per unit
March 29 Sales 360 units @ $135 per unit
Totals 1,420 units 880 units

For specific identification, units sold include 70 units from beginning inventory, 450 units from the March 5 purchase, 140 units from the March 18 purchase, and 220 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.

Note: Round your "average cost per unit" to 2 decimal places.

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