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 transactions for March. Date Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities Units Acquired at Cost 220 units $53.40 per unit 285 units $58.40 per unit Units Sold at Retail 380 units $88.40 per unit 250 unitse $98.40 per unit 145 units $63.40 per unit 270 units $65.40 per unit Totals 920 units 630 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the Mar consisted of 125 units from beginning inventory and 255 units from the March 5 purchase; the March 29 sale consisted from the March 18 purchase and 145 units from the March 25 purchase. (Round weighted average cost per unit to two final answers to nearest whole dollar.) Avg. Cost Spec. ID Gross Margin Sales Less: Cost of goods sold Gross profit LIFO
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