5-1A Perpetual: Antemative cost flows PL Wamerwoods 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 beginning 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) Date Mar Mar S Mar Activities Beging ventory Mar 18 Mar 25 Pund Mar 29 Units Acquired at Cost Units Sold at Retail 100 uns 400 uns 50.00 per unit $55.00 per 120 units $40.00 per un 300 $95.00 per un Required 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, (e) weighted average, and (c) specific identification (Round all amounts to cents) 4. Compute gross profit earned by the company for each of the four costing methods in part 3 Check Ening inventory FIFO, 14.800 LIPO, $13,000, WA $1433) (4) LIFO gross prunt $17.000 Perpetual FIFO Total Perpetual LIFO Weighted Average Unit Amount Unit Total Amount Unit Total Amount Income Statement Required 1. Compute cost of goods available for sale and the number of units avadable for sale 2. Compute the number of units in ending inventory 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO (0) weighted average, and (n specific identification (Round at amounts to cents) 4. Compute gross profit eamed by the company for each of the four costing methods in part Check my Find was LIFO n Income Statement Total Purchase Total Revenue = Unit Sold x Retail Price Total Cost of Goods Sold Total Profit Total Revenue - COGS Balance Sheet Total Inventory at year-end Perpetual FIFO Total Unit Amount Perpetual LIFO Total Unit Amount Unit Weighted Average TOTST Amount Next