Give me correct answer with explanation vk Required information[The following information applies to the questions displayed below.]Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactionsfor March.DateMarch 1March 5ActivitiesBeginning inventoryPurchaseUnits Acquired at CostUnits Sold at Retail190 units270 units@ $52.80 per unit@$57.80 per unitMarch 9Sales350 units @ $87.80 per unitMarch 18March 25March 29PurchasePurchaseSales130 units240 units@ $62.80 per unit@ $64.80 per unitTotals830 units220 units @$97.80 per unit570 units3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. Forspecific identification, units sold include 110 units from beginning inventory, 240 units from the March 5 purchase, 90 units from theMarch 18 purchase, and 130 units from the March 25 purchase.

Name: Give me correct answer with explanation vk Required information[The fo
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Give me correct answer with explanation vk Required information[The following information applies to the questions displayed below.]Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactionsf

Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

Business

Accounting

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Activities Beginning inventory Purchase March 9 March 18 March 25 Sales Purchase Purchase March 29 Sales Totals Units Acquired at Cost 190 units @ $52.80 per unit 270 units @ $57.80 per unit 130 units 240 units Units Sold at Retail 350 units @$87.80 per unit @ $62.80 per unit @$64.80 per unit 830 units 220 units $97.80 per unit 570 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 110 units from beginning inventory, 240 units from the March 5 purchase, 90 units from the March 18 purchase, and 130 units from the March 25 purchase.