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 90 units from beginning inventory and 220 units from the March 5 purchase; the March 29 sale consisted of 70 units from the March 18 purchase and 110 units from the March 25 purchase. (Round your average cost per unit to 2 decimal places.) Note:Table cannot be copied

Closing Units = (710 units - 490 units) = 220 units

a) FIFO : closing inventory = $14,040

Mar 18 purchase 20 * $62 = $1,240

Mar 25 purchase 200 * $64 = $12,800

b) LIFO : closing inventory = $12,780

Mar 1 opening = 90 * $52 = $4,680

Mar 18 purchase = 110 * $62 = $6,820

Mar 25 purchase = 20*$64 = 1,280

c) Weighted Average Method (WAM):

WAM = (Opening cost + purchases cost) / (opening units + units purchased)

= ($7,800+$14,250) / (150+250) = $55.125 cost before Mar 9 sale

WAM (after the first sale) = ($4,961.25 + $6,820 + $12,800) / (90+110+200)

= $61.45

Closing Inventory = $61.45*220 = $13,519

d) Specific Identification : Closing Inventory = $13,070

Mar 01 opening = 60 * $52 = $3,120

Mar 5 Purchase = 30*$57 = $1,710

Mar 18 Purchase = 40*$62 = $2,480

Mar 25 Purchase = 90*$64 = $5,760

Explanation:

The Question is incomplete. I have provided the missing part of the question below.

Date Activities Units Acquired at Cost Units Sold at Retail

Mar. 1 Beginning inventory 150 units $52.00/unit

Mar. 5 Purchase 250 units $57.00/unit

Mar. 9 Sales 310 units $87.00/unit

Mar. 18 Purchase 110 units $62.00/unit

Mar. 25 Purchase 200 units $64.00/unit

Mar. 29 Sales 180 units $97.00/unit

Totals 710 units 490 units