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Required information [The following information applies to the questions displayed below.) Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units Acquired at Cost 230 unita e $53.60 per unit 290 units e $58.60 per unit Units sold at Retail Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 390 units + $88.60 per unit 150 units e $63.60 per unit 280 units @ $65.60 per unit 260 units $98.60 per unit 650 units 950 units 3. Compute the cost assigned to ending inventory using (0) FIFO. (b) LIFO, (c) weighted average, and (d) specific identification For specific identification, the March 9 sale consisted of 130 units from beginning inventory and 260 units from the March 5 purchase the March 29 sale consisted of 110 units from the March 18 purchase and 150 units from the March 25 purchase. Perpetual FIFO Goods Purchased Date # of units Cost per Cost of Goods Sold Cost per unit Cost of Goods Sold # of units sold unit Inventory Balance Inventory # of units unit Balance 2300 $53.60 - $ 12,328.00 Cost per March 1 March 5 March 9 March 18 March 25 March 29 Perpetual LIFO: Goods Purchased Cost of Goods Sold Date Cost per # of units # of units sold Cost per unit unit Cost of Goods Sold Cost per Inventory Balance #of units Inventory unit Balance 230 $53.60 = $ 12,328.00 March 1 March 5 March 9 March 18 March 25 March 29 w piace Weighted Average Perpetual: Goods Purchased Date # of Cost per units unit March 1 Cost of Goods Sold # of units sold Cost of Goods Sold unit Cost per Inventory Balance # of units Cost per Inventory Balance unit 230 @ $63.60 $ 12,328.00 March 5 Average March 9 March 18 Average March 25 March 29 Totals $ 0.00 + Cost of Goods Sold Specific Identification: Goods Purchased # of Cost per Date units unit March 1 March 5 2901 $ 58.60 # of units Cost per sold unit Cost of Goods Sold Inventory Balance # of units Cost per Inventory Balance unit 230 $53.60 - $ 12,328.00 230 @ $ 53,60 - $ 12,328.00 290 $ 58.60 - 16,994.00 $ 29,322.00 March 9 230 @ 160 @ $53.60 $58.60 $ 12,328,00 9,376.00 $ 21,704.00 @ $ 53,60 - @ $58.60 - March 18 March 25 March 29 Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 130 units from beginning inventory and 260 units from the March - purchase the March 29 sale consisted of 110 units From the March 18 purchase and 150 units from the March 25 purchase. (Round welghted 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