,0lescence, and the Tulde Blsed on future customer demand. The losses DuL B ost of sales M8llowing IFRS 1. What cost flow assumption(s) does Samsung apply in assigning costs to its inventories? 2. If at year-end 2016 there was an increase in the value of its inventories such that there was a reversal of W550 (W is Korean won) million for the 2015 write-down, how would Samsung account for this under IFRS? Would Samsung's accounting be different for this reversal if it reported under U.S. P2 GAAP? Explain. connect Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. (For specific identification, the March 9 sale consisted of 80 units from be- ginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.) PROBLEM SET A Problem 5-1A Perpetual: Alternative cost flows Date Activities Units Acquired at Cost Units Sold at Retail P1 Mar. 1 Beginning inventory. 100 units @ $50.00 per unit Mar. 5 Purchase. 400 units $55.00 per unit 420 units @ $85.00 per unit Mar. 9 Sales... Mar. Purchase. 120 units @ $60.00 per unit 200 units $62.00 per unit Mar. 25 Purchase.. 160 units @ $95.00 per unit Mar. 29 Sales. 580 units 820 units Totals.. 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (Round all amounts to cents.) 4. Compute gross profit earned by the company for ach of the four costing methods in part 3 Required Check (3) Ending imventory FIFO, $14,800 LIFO $13.680 WA $14,352 (4) LIFO gross proft $17.980