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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
Mar.
1
Beginning inventory
170
units
@ $52.40 per unit
5
Purchase
260
@ $57.40 per unit
9
Sales
330
@ $87.40 per unit
18
120
@ $62.40 per unit
25
220
@ $64.40 per unit
29
200
@ $97.40 per unit
Totals
770
530
1.
Compute cost of goods available for sale and the number of units available for sale.
2.
Compute the number of units in ending inventory.
3.
Compute 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 100 units from beginning inventory and 230 units from the March 5 purchase; the March 29 sale consisted of 80 units from the March 18 purchase and 120 units from the March 25 purchase.(Round your average cost per unit to 2 decimal places.)
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