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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Mar.

1

Beginning inventory

190

units

@ $52.80 per unit

Mar.

5

Purchase

270

units

@ $57.80 per unit

Mar.

9

Sales

350

units

@ $87.80 per unit

Mar.

18

Purchase

130

units

@ $62.80 per unit

Mar.

25

Purchase

240

units

@ $64.80 per unit

Mar.

29

Sales

220

units

@ $97.80 per unit

Totals

830

units

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, the March 9 sale consisted of 110 units from beginning inventory and 240 units from the March 5 purchase; the March 29 sale consisted of 90 units from the March 18 purchase and 130 units from the March 25 purchase. (Round your average cost per unit to 2 decimal places.) 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 110 units from beginning inventory and 240 units from the March 5 purchase; the March 29 sale consisted of 90 units from the March 18 purchase and 130 units from the March 25 purchase. (Round weighted average cost per unit to two decimals.)

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