Question: 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

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 75 units from beginning inventory, 205 units from the March 5 purchase, 55 units from the March 18 purchase, and 95 units from the March 25 purchase.

DateActivitiesUnits Acquired at CostUnits Sold at RetailMarch 1Beginning inventory120units@ $51.40 per unit March 5Purchase235units@ $56.40 per unit March 9Sales 280units@ $86.40 per unitMarch 18Purchase95units@ $61.40 per unit March 25Purchase170units@ $63.40 per unit March 29Sales 150units@ $96.40 per unit Totals620units 430units

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