Question: Problem 5 - 2 AA ( Algo ) Periodic: Alternative cost flows LO P 3 [ The following information applies to the questions displayed below.

Problem 5-2AA (Algo) Periodic: Alternative cost flows LO P3
[The following information applies to the questions displayed below.]
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March.
Activities
Date
March 1
Beginning inventory
160 units @ $50 per unit
March 5
Purchase
460 units @ $55 per unit
March 9
Sales
March 18
Purchase
March 25
Purchase
March 29
240 units @ $60 per unit
Sales
320 units @ $62 per unit
Totals
Units Acquired at Cost
1,180 units
Units Sold at Retail
480 units @ $85 per unit
280 units @ $95 per unit
760 units
For specific identification, units sold include 60 units from beginning inventory, 420 units from the March 5 purchase, 100 units from the March 18 purchase, and 180 units from the March 25 purchase.
Problem 5-2AA (Algo) Part 3
3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification.

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