1 4 Problem 5-1A (Algo) Perpetual: Alternative cost flows LO P1 [The following information applies to the questions displayed below.] Wamerwoods Company uses a perpetual Inventory system. It entered into the following purchases and sales transactions for March Date March 1 March 5 Units Acquired at Cost $53.80 per unit $58.80 per unit Units Sold at Retail Activities Beginning inventory 240 units Purchase 295 units Sales Purchase 480 units @$88.80 per unit Purchase 155 units 290 units @ $63.80 per unit @ $65.80 per unit March 29 Sales Totals 980 units 270 units @ $98.88 per unit 670 units March 9 March 18 March 25 Problem 5-1A (Algo) Part 4 4. Compute gross profit earned by the company for each of the four costing methods. For specific Identification, units sold include 135 units from beginning Inventory, 265 units from the March 5 purchase, 115 units from the March 18 purchase, and 155 units from the March 25 purchase (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) Gross Margin Sales Less: Cost of goods sold Gross profit FIFO LIFO Weighted Average Specific ID