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.)

Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar.)

Required information (The following information applies to the questions displayed below. Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Units sold at Retail Units Acquired at Cost 120 units @ $55 per unit 420 units $60 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 440 units & $90 per unit 160 units $65 per unit 240 units $67 per unit 940 units 200 units $100 per unit 640 units For specific identification, the March 9 sale consisted of 40 units from beginning inventory and 400 units from the March 5 purchase; the March 29 sale consisted of 60 units from the March 18 purchase and 140 units from the March 25 purchase. a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per # of units Cost of Cost per Goods #of units Cost per Cost of unit Available sold unit Goods for Sale Sold $ 55.00 $ 6,600 $ 0.00 $ 0 # of units in ending inventory unit Ending Inventory 120 540 $ 55.00 $ 29,700 420 0 Beginning inventory Purchases: March 5 March 18 March 25 Total $ 60.00 $ 65.00 $ 67.00 $ $ 0.00 0.00 25,200 0 160 240 940 0 25,200 10,400 16,080 $ 58,280 420 $ 60.00 $ 0.00 $ 0.00 960 0 0 $ 54,900 0 b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost per Cost of Goods Available for Sale Cost of Goods # of units unit Available for Sale 120 $ 55.00 $ 6,600 #of units Cost per sold unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 0 420 $ 60.00 Beginning inventory Purchases: March 5 March 18 March 25 Total olol 160 25,200 10,400 16,080 $ 58,280 $ 65.00 $ 67.00 0 240 940 0 0 c) Average Cost Cost of Goods Sold Cost of Goods Available for Sale Average Cost of # of units Cost per Goods Available unit for Sale 120 $ 6,600 # of units sold Average Cost per Unit Cost of Goods Ending Inventory # of units Average Ending in ending Cost per Inventory inventory unit Sold Beginning inventory Purchases: March 5 March 18 420 25,200 10,400 16,080 $ 58,280 160 240 940 March 25 Total $ 0 $ 0 d) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per unit Cost per # of units Cost of Goods Available for Sale $ 6,600 #of units Cost per sold unit Cost of Goods Sold # of units in ending inventory unit Ending Inventory 120 $ 55.00 $ 55.00 $ 0 $ 55.00 $ 0 420 0 $ 60.00 0 Beginning inventory Purchases: March 5 March 18 March 25 Total 160 $ 60.00 $ 65.00 $ 67.00 $ 60.00 $ 65.00 $ 67.00 0 25,200 10,400 16,080 $ 58,280 0 $ 65.00 67.00 0 0 240 940 0 0 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 and final answers to nearest whole dollar.) FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit $ 0 $ 0 $ 0 $