Required information

Problem 5-1A (Algo) Perpetual: Alternative cost flows LO P3

Skip to question

[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.

Date	Activities	Units Acquired at Cost			Units Sold at Retail
March 1	Beginning inventory	220	units	@ $53.40 per unit
March 5	Purchase	285	units	@ $58.40 per unit
March 9	Sales				380	units	@ $88.40 per unit
March 18	Purchase	145	units	@ $63.40 per unit
March 25	Purchase	270	units	@ $65.40 per unit
March 29	Sales				250	units	@ $98.40 per unit
	Totals	920	units		630	units

Problem 5-1A (Algo) 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 125 units from beginning inventory, 255 units from the March 5 purchase, 105 units from the March 18 purchase, and 145 units from the March 25 purchase.