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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchaes and sales transactions for March. (For specifc 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 Activities Units Acquired at Cost Units Sold at Retail

Mar 1 Beginning Inventory 100 units @ $50. per unit

Mar. 5 Purchase 400 units @ $55.00 per unit

Mar. 9 Sales 420 units @ $85.00 per unit

Mar. 18 Purchases 120 units @ $60.00 per unit

Mar. 25 Purchases 200 units @ $62.00 per unit

Mar 29 Sales 160 units @ $95.00 per unit

Required

1. Compute the 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.

4. Compute gross profit earned by the company for each of the four costing methods in part 3.