Problem 5-1A (Algo) Periodic: Alternative cost flows LO P1 Skip to question [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail March 1 Beginning inventory 115 units @ $50 per unit March 5 Purchase 415 units @ $55 per unit March 9 Sales 435 units @ $85 per unit March 18 Purchase 150 units @ $60 per unit March 25 Purchase 230 units @ $62 per unit March 29 Sales 190 units @ $95 per unit Totals 910 units 625 units

Date	Activities	Units Acquired at Cost	Units Sold at Retail
March 1	Beginning inventory	115	units	@ $50 per unit
March 5	Purchase	415	units	@ $55 per unit
March 9	Sales				435	units	@ $85 per unit
March 18	Purchase	150	units	@ $60 per unit
March 25	Purchase	230	units	@ $62 per unit
March 29	Sales				190	units	@ $95 per unit
	Totals	910	units		625	units

For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 385 units from the March 5 purchase; the March 29 sale consisted of 55 units from the March 18 purchase and 135 units from the March 25 purchase.

Problem 5-1A (Algo) Part 1

Required:

1. Compute cost of goods available for sale and the number of units available for sale.

2. Compute the number of units in ending inventory.

3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification.

Note: Round your "average cost per unit" to 2 decimal places.

4. Compute gross profit earned by the company for each of the four costing methods.

Note: Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar.