March 5 Activities Beginning inventory Purchase 100 units Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 Units Acquired at Cost Units Sold at Retail 400 units $50 per unit $55 per unit March 9 Sales 420 units $85 per unit March 18 Purchase 120 units March 25 Purchase 200 units $60 per unit @ $62 per unit March 291 Sales 160 units $95 per unit Totals 820 units 580 units For specific identification, units sold include 80 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. 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.) Sales Less: Cost of goods sold Gross profit FIFO LIFO Weighted Average Specific Identification