Warner woods 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	160	units	@ $52.20 per unit
March 5	Purchase	255	units	@ $57.20 per unit
March 9	Sales				320	units	@ $87.20 per unit
March 18	Purchase	115	units	@ $62.20 per unit
March 25	Purchase	210	units	@ $64.20 per unit
March 29	Sales				190	units	@ $97.20 per unit
	Totals	740	units		510	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 95 units from beginning inventory, 225 units from the March 5 purchase, 75 units from the March 18 purchase, and 115 units from the March 25 purchase.

Perpetual LIFO:

Date

Goods Purchased

Cost of Goods Sold

Inventory Balance

# of units

Cost per unit

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

March 1

160

at

$52.20

=

$8,352.00

March 5

at

at

=

at

=

Total March 5

March 9

at

=

at

=

at

=

at

=

Total March 9

March 18

at

at

at

=

at

=

Total March 18

March 25

at

at

at

=

at

=

at

Total March 25

March 29

at

=

at

at

=

at

at

=

at

at

=

at

Total March 29

Totals

Answer rating: 100% (QA)

Answer 29877 Ending inventory using specific units not sold 65 units f... View the full answer