Warnerwoods Company uses a perpetual inventory system. He made the following purchase and sale transactions for the month of March.

Date

Activities

Units Acquired at Cost

Retail Units

Mar.

1

Initial inventory

110

units

@ $51.20/unit

Mar.

5

Purchase

230

units

@ $56.20/unit

Mar.

9

Sales

270

units

@ $86.20/unit

Mar.

18

Purchase

90

units

@ $61.20/unit

Mar.

25

Purchase

160

units

@ $63.20/unit

Mar.

29

Sales

140

units

@ $96.20/unit

Totals

590

units

410

units

 Required

Calculate the number of units in ending inventory.

Calculate the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 70 units of beginning inventory and 200 units of the March 5 purchase; the March 29 sale consisted of 50 units of the March 18 purchase and 90 units of the March 25 purchase

Answer rating: 100% (QA)

To calculate the ending inventory we need to subtract the units sold from the total units acquired Ending inventory Total units acquired Units sold En... View the full answer