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 70 units from the beginning inventory, 200 units from the March 5 purchase, 50 units from the March 18 purchase, and 90 units from the March 25 purchase.

Compute the cost assigned to ending inventory using FIFO.

Perpetual FIFO:

Date

Goods Purchased

Cost of Goods Sold

Inventory Balance

# of units

Cost per unit

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

March 1

110

at

$51.20

=

$5,632.00

March 5

Total March 5

March 9

Total March 9

March 18

Total March 18

March 25

Total March 25

March 29

Total March 29

Totals

Required information [The following information applies to the questions displayed below.) Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 110 units @ $51.20 per unit 230 units @ $56.20 per unit Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 270 units @ $86.20 per unit 90 units @ $61.20 per unit 160 units @ $63.20 per unit 140 units @ $96.20 per unit 410 units 590 units