Im not really understanding LIFO if you could explain in detail exactly what I am supposed to do that would be wonderful I am lost...

Problem 5-2AA Perlodlc: Alternative cost flows LO P3 (The following information applies to the questions displayed below) Warnerwoods Company uses a perlodic Inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Units Acquired at Cost 110 units@ $45 per unit 410 units@ $50 per unit 430 unitsesse per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar 9 Sales Mar. 1B Purchase Mar. 25 Purchase Mar. 29 Sales Totals 140 units@ $55 per unit 220 units $57 per unit 198 units $90 per unit 610 units 898 units For specific identification, the March 9 sale consisted of 60 units from beginning Inventory and 370 units from the March 5 purchase, the March 29 sale consisted of 50 units from the March 18 purchase and 130 units from the March 25 purchase. ) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per Cost per Cost of # of units Goods unit Available for Sale 110 $ 45.00 $ 4.950 Cost per Cost of Goods Sold #of units sold unit #of units in ending inventory unit Ending Inventory 110 $ 45.00 $ 4,950 0 $ 0.00 $ 0 Beginning inventory Purchases: March 5 March 18 March 25 Total 410 $ 50.00 140 $ 55.00 220 $ 57.00 880 20,500 410 $ 50.00 7.700 90 $ 55.00 12,540 0 $ 45,690 610 20,5000s 0.00 4,950 50 $ 55.00 0 220 $ 57,00 $ 30,400 270 0 2.750 12.540 $ 15.290 b) Periodic LIFO Cost of Goods Sold Cost per Cost per Cost of Goods Available for Sale Cost of Goods # of units unit Available for Sale 110 S 45.00 $ 4.950 Cost per Cost of Goods Sold # of units sold unit Ending Inventory # of units in ending Ending unit inventory Inventory 110 S 45.00 $ 4.950 0 Beginning inventory Purchases: March 5 March 18 March 25 Total 410) S 50.00 140 S 55.00 220 S 57.00 880 20,500 7.700 12,640 45.8901 0 0 0 $ 4.950 0 110 c) Average Cost Cost of Goods Sold Cost of Goods Available for Sale Cost of Average Goods # of units Cost per unit Available for Sale 110 $ 4,950 #of units sold Average Cost per Unit Cost of Goods Sold Ending Inventory # of units Average in ending Cost per Ending inventory unit Inventory Beginning inventory Purchases: March 5 March 18 March 25 Total 410 140 220 880 20.500 7.700 12,540 $ 45,690 $ 0 d) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per Cost per Cost of Goods # of units unit Available for Sale 110 S 45.00 $4.950 # of units sold unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory S 45.00 S 0 S45.00 0 0 Beginning inventory Purchases: March 5 March 18 March 25 Total 410 140 S 50.00 S 55.00 S 57.00 S 50.00 $ 55.00 S 57.00 20 500 7.700 12.540 S 45.690 0 0 ololo $50.00 $ 55,00 S 57.00 0 220 880 0 0 FIFO LIFO Weighted Specific Average Identification 50,600 S 50,600 $ 50.600 $ Sales Less: Cost of goods sold Gross profit 50,600 $ (30.400) 20.2005 S 50,800 $ 50,000 $ 50,600