Required information Problem 5-2AA Periodic: Alternative cost flows LO P3 [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. 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 Units Acquired at Cost 150 units @ $40 per unit 450 units @ $45 per unit 220 units @ $50 per unit 300 units @ $52 per unit 470 units @ $75 per unit 260 units @ $85 per unit 730 units 1,120 units For specific identification, the March 9 sale consisted of 40 units from beginning inventory and 430 units from the March 5 purchase, the March 29 sale consisted of 90 units from the March 18 purchase and 170 units from the March 25 purchase. 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (C) weighted average, and (d) specific identification. (Round your average cost per unit to 2 decimal places.) a) Periodic FIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Goods Cost per # of units unit Available for Sale 150 $ 40.00 $ 6,000 Cost per unit # of units Cost per Cost of # of units sold unit Goods in ending Sold inventory 150 $ 40.00 $ 6,000 Ending Inventory $ 0.00 $ 0 0 Beginning inventory Purchases: March 5 March 18 March 25 Total 450 $ 45.00 $ 0.00 20,250 0 $ 450 $ 45.00 220 $ 50.00 300 $ 52.00 1,120 20,250 11,000 15,600 $ 52,850 $ $ $ 0 0.00 0.00 0.00 0 0 600 $ 26,250 0 b) Periodic LIFO Cost of Goods Sold Ending Inventory # of units Cost per Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale 150 $ 40.00 $ 6,000 # of units Cost per sold unit Cost of Goods Sold in ending inventory unit Ending Inventory $ 0 0 Beginning inventory Purchases: March 5 March 18 March 25 Total 0 450 $ 45.00 220 $ 50.00 300 $ 52.00 1,120 20,250 11,000 15,600 $ 52,850 0 0 0 c) Average Cost Cost of Goods Sold Cost of Goods Available for Sale Cost of Average # of units Cost per Available Goods unit for Sale 150 $ 6,000 # of units sold Average Cost per Cost of Goods Sold Ending Inventory # of units Average Ending in ending Cost per Inventory inventory unit Unit Beginning inventory Purchases: March 5 March 18 March 25 Total 450 220 300 1,120 20,250 11,000 15,600 $ 52,850 $ 0 SA d) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Cost per Goods # of units unit Available for Sale 150 $ 40.00 $ 6,000 # of units Cost per sold unit Cost of # of units Goods in ending Sold inventory Cost per unit Ending Inventory $ 40.00 $ 0 $ 40.00 $ 0 0 0 Beginning inventory Purchases: March 5 March 18 March 25 Total $ 45.00 $ 50.00 $ 52.00 450 220 300 1,120 0 $ 45.00 $ 50.00 $ 52.00 20,250 11,000 15,600 $ 52,850 0 $ 45.00 $ 50.00 $ 52.00 0 0 0 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.) FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit