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Needed to use four method wamerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units Sold

image text in transcribedNeeded to use four method
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wamerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Units Acquired at cost 220 units @ $53.40 per unit 285 units @ $58.40 per unit 380 units @ $88.40 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 145 units @ $63.40 per unit 270 units $65.40 per unit 250 units@ $98.40 per unit 630 units 920 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO. (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 125 units from beginning inventory and 255 units from the March 5 purchase, the March 29 sale consisted of 105 units from the March 18 purchase and 145 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 125 units from beginning inventory and 255 units from the March 5 purchase, the March 29 sale consisted of 105 units from the March 18 purchase and 145 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) FIFO LIFO Avg. Cost Spec.ID Gross Margin Sales Less: Cost of goods sold Gross profit

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