7 Part 3 of 4 Required Information [The following Information applies to the questions displayed below.] Warnerwoods Company uses a perpetual Inventory system. It entered into the following purchases and sales transactions for March. Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Units Acquired at Cost 240 units @ $53.80 per unit 295 units @ $58.80 per unit Units sold at Retail Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 400 units @ $88.80 per unit 155 units @ $63.80 per unit 290 units @ $65.80 per unit Totals 980 units 270 units @ $98.80 per unit 670 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 135 units from beginning Inventory and 265 units from the March 5 purchase; the March 29 sale consisted of 115 units from the March 18 purchase and 155 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased Date # of units March 1 March 5 March 9 March 18 March 25 March 29 Totals Inventory Balance Cost per unit $ 53.80= Inventory Balance $ 12,912.00 Cost of Goods Sold Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units 240 @ Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: March 1 March 5 March 9 Goods Purchased Cost of Goods Sold # of Date units Cost per unit # of units sold unit Cost per Cost of Goods Sold # of units Cost per unit Inventory Balance Inventory Balance 240 $53.80 $ 12,912.00 March 18 March 25 March 29 Totals Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: March 1 March 5 Goods Purchased Cost of Goods Sold # of Date units Cost per unit # of units sold Inventory Balance Cost per Cost per unit Cost of Goods Sold # of units Inventory Balance unit 240 @ $ 53.80= S 12,912.00 Average March 9 March 18 Average March 25 March 29 Totals < Perpetual LIFO Specific Id > Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 135 units from beginning inventory and 265 units from the March 5 purchase; the March 29 sale consisted of 115 units from the March 18 purchase and 155 units from the March 25 purchase. Specific Identification: March 1 Date Goods Purchased # of units Inventory Balance Cost per unit Cost of Goods Sold Cost per unit # of units sold Cost per Cost of Goods unit # of units Inventory Balance Sold 240 @ $ 53.80 = $ 12,912.00 March 5 March 9 March 18 March 25 March 29 Totals < Weighted Average Specific Id> Required Information [The following Information applies to the questions displayed below.] Warnerwoods Company uses a perpetual Inventory system. It entered into the following purchases and sales transactions for March. Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Units Acquired at Cost 240 units @ $53.80 per unit 295 units @ $58.80 per unit Units sold at Retail 400 units @ $88.80 per unit Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 155 units @ $63.80 per unit 290 units @ $65.80 per unit 980 units 270 units @ $98.80 per unit 670 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific Identification, the March 9 sale consisted of 135 units from beginning Inventory and 265 units from the March 5 purchase; the March 29 sale consisted of 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 Avg. Cost Spec. ID