Question: Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 55 units from beginning inventory, 185 units from the

Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 55 units from beginning inventory, 185 units from the March 5 purchase, 35 units from the March 18 purchase, and 75 units from the March 25 purchase.Warnerwoods Company uses a perpetual 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 80 units @ $50.60 per unit March 5 Purchase 215 units @ $55.60 per unit March 9 Sales 240 units @ $85.60 per unit March 18 Purchase 75 units @ $60.60 per unit March 25 Purchase 130 units @ $62.60 per unit March 29 Sales 110 units @ $95.60 per unit Totals 500 units 350 units 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 55 units from beginning inventory, 185 units from the March 5 purchase, 35 units from the March 18 purchase, and 75 units from the March 25 purchase

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