Problem 5-1A (Static) Perpetual: Alternative cost flows LO P1

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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	100	units	@ $50 per unit
March 5	Purchase	400	units	@ $55 per unit
March 9	Sales				420	units	@ $85 per unit
March 18	Purchase	120	units	@ $60 per unit
March 25	Purchase	200	units	@ $62 per unit
March 29	Sales				160	units	@ $95 per unit
	Totals	820	units		580	units

Problem 5-1A (Static) Part 3

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 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase.