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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 $140$ units @ $$51\mathrm{.}80$ per unit

March $5$ Purchase $245$ units @ $$56\mathrm{.}80$ per unit

March $9$ Sales $300$ units @ $$86\mathrm{.}80$ per unit

March $18$ Purchase $105$ units @ $$61\mathrm{.}80$ per unit

March $25$ Purchase $190$ units @ $$63\mathrm{.}80$ per unit

March $29$ Sales $170$ units @ $$96\mathrm{.}80$ per unit

Totals $680$ units $470$ units

Problem $5-1$A $($Algo$)$ Part $3$

 

 

$3.$ Compute the cost assigned to ending inventory using

$($a$)$ FIFO

$($b$)$ LIFO

$($c$)$ weighted average 

$($d$)$ specific identification.

For specific identification, units sold include $85$ units from beginning inventory, $215$ units from the March $5$ purchase, $65$ units from the March $18$ purchase, and $105$ units from the March $25$ purchase. 

 

Answer rating: 100% (QA)

Lets calculate the cost assigned to ending inventory using different methods a FIFO FirstIn FirstOut ... View the full answer