Date Activities Units Acquired at Cost Units Sold at Retail March 1 March 5 Beginning inventory Purchase 100 units 400 units @ $50 per unit @ $55 per unit March 9 Sales 420 units @ $85 per unit March 18 March 25 March 29 Purchase Purchase Sales 120 units 200 units @$60 per unit $62 per unit Totals 820 units 160 units @ $95 per unit 580 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. Note: Round weighted average cost per unit to 2 decimal places. Gross Margin FIFO LIFO Weighted Average Specific ID Sales $ 50,900 $ 50,900 $ 50,900 $ 50,900 Less: Cost of goods sold Gross profit S < Prev 10 of 11 Next >