Question - Date Activities Units Acquired at Cost Units Sold at Retail
Mar. 1 Beginning inventory 50 units @ $50/unit
Mar. 5 Purchase 200 units @ $55/unit
Mar. 9 Sales 210 units @ $85/unit
Mar. 18 Purchase 60 units @ $60/unit
Mar. 25 Purchase 100 units @ $62/unit
Mar. 29 Sales 80 units @ $95/unit
Totals 410 units 290 units
Information given:
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 40 units from beginning inventory and 170 units from the March 5 purchase; the March 29 sale consisted of 20 units from the March 18 purchase and 60 units from the March 25 purchase.