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Question:Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 240 units @ $53.80 per unit Mar. 5 Purchase 295 units...
Question:DateActivitiesUnits Acquired at CostUnits Sold at Retail
Mar.1Beginning inventory240units@ $53.80 per unit
Mar.5Purchase295units@ $58.80 per unit
Mar.9Sales400units@ $88.80 per unit
Mar.18Purchase155units@ $63.80 per unit
Mar.25Purchase290units@ $65.80 per unit
Mar.29Sales270units@ $98.80 per unit
Totals980units670units
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 135 units from beginning inventory and 265 units from the March 5 purchase; the March 29 sale consisted of 115 units from the March 18 purchase and 155 units from the March 25 purchase. (Round your average cost per unit to 2 decimal places.)
