Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 [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 Date Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities Units Acquired at Cost 240 units $53.80 per unit 295 units $58.80 per unit Units Sold at Retail 400 units $88.80 per unit 155 units $63.80 per unit 290 units $65.80 per unit 270 units $98.80 per unit 670 units Totals 980 units Problem 6-1A Part 3 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 135 units from beginning inventory and 265 units from the March 5 purchase; the March 29 sale consisted of 115 units from the March 18 purchase and 155 units from the March 25 purchase Perpetual FIFO Perpetual LIFO Weighted AverageSpecific Id Compute the cost assigned to ending inventory using FIFO Perpetual FIFO: ods Purchas #of units ods Inventory Balan ce cost per unit # of units sold Cost per unit Cost of Goods Sold Cost per Inventory Balance Date # of units unit 240 $53.802,912.00 240@ $53.80,92.00 295$58.8017,346.00 30,258.00 March 1 March 5 295$58.80 March 9 240 53.80 12,912.00 0.00 12,912.00 0 $53.80 @$58.80- 135 $58.807,938.00 $7,938.00 Perpetual FIFO Perpetual LIFO E Weighted AverageSpecific Id Compute the cost assigned to ending inventory using LIFO Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance #of units Cost per unit # of units sold cost per unit Cost of Goods Sold Cost per Inventory Balance Date # of units unit 240$53.802,912.00 240$53.802.00 29558.8017,346.00 30,258.00 135$53.80$7,263.00 March1 March 5 295$58.80 $53.80 $0.00 295$58.8017,346.00 17,346.00 March 9 0 $58.80 $7,263.00 Specific Identification: Goods Purchased Cost of Goods Sold Inventory Balance #of units Cost per unit # of units sold cost per unit Cost of Goods Sold Cost per Inventory Balance Date # of units unit 240 $53.8012,912.00 240 53.802,912.00 295$58.8017,346.00 30,258.00 March1 March 5 295@$58.80 13553.80 $7,263.00 26558.80 15,582.0063.80@ $58.80$3,751.44 March9 @ $53.80 $3,751.44 22,845.00 March 18 155 $63.80 $53.80 $58.80 155$63.809,889.00 $9,889.00 290 @ 65.80 $53.80 $58.80 March 25 28,971.00 March 29 0|@| $53.80 | =| $ 0.00 0.00 0.00 53.80 $58.80 $63.80 0 58.80 $ 63.80 | = 155 $65.800,9901355.8,883.00 135$65.808,883.00 $8,883.00 10,199.00 Totals $8,883.00 33,044.00 . Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 135 units from beginning inventory and 265 units from the March 5 purchase; the March 29 sale consisted of 115 units from the March 18 purchase and 155 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) LIFO Avg. Cost Gross Margin Sales Less: Cost of goods sold Gross profit FIFO Spec. ID