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 your average cost per unit to 2 decimal places.)

4.	Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places.)

Warnerwoods Company uses a periodic 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

155

units

@ $45 per unit

Mar.

5

Purchase

455

units

@ $50 per unit

Mar.

9

Sales

475

units

@ $80 per unit

Mar.

18

Purchase

230

units

@ $55 per unit

Mar.

25

Purchase

310

units

@ $57 per unit

Mar.

29

Sales

270

units

@ $90 per unit

Totals

1,150

units

745

units

For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 425 units from the March 5 purchase; the March 29 sale consisted of 95 units from the March 18 purchase and 175 units from the March 25 purchase.