Required information Problem 6-2AA 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. Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Units Acquired at Cost Units Sold at Retail 140 units @ $75 per unit @ $80 per 440 units unit Mar. 9 Sales 460 units @ $110 per unit Mar. 18 Purchase 200 units @ $85 per unit 280 units @ $87 per unit Mar.25 Purchase Mar.29 Sales 240 units @ $120 per unit 700 units Totals 1,060 units For specific identification, the March 9 sale consisted of 90 units from beginning inventory and 370 units from the March 5 purchase; the March 29 sale consisted of 80 units from the March 18 purchase and 160 units from the March 25 purchase. Problem 6-2AA Part 1 Required. 1. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale Cost per Cost of Goods # of Units Available for Unit Sale $ 0 Beginning inventory Purchases: March 5 March 18 March 25 Total 000) 0 Problem 6-2AA Part 2 2. Compute the number of units in ending inventory. Ending inventory units 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.) SVIU for Sale Sold Beginning inventory Purchases: March 5 March 18 March 25 Total b) Periodic LIFO Cost of Goods Available Cost of Goods Sold for Sale Ending Inventory Cost of Cost # of # of # of units Cost Goods Cost of Cost units per unit Available units Ending in ending per unit Goods sold per unit Inventory for Sale Sold inventory Beginning inventory Purchases: March 5 March 18 March 25 Total c) Average Cost Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Cost # of Average Average # of units Average # of Goods of Ending Cost units Cost Cost in ending units Goods Available Inventory per unit for Sale sold per Unit Sold inventory per unit Beginning inventory Purchases: March 5 March 18 March 25 Total d) Specific Identification Cost of Goods Available Cost of Goods Sold for Sale Ending Inventory Cost of # of Cost # of # of units Cost Goods Cost of Cost units in ending Ending units per unit Available per unit Goods per unit Inventory for Sale inventory Sold sold Beginning inventory Purchases: March 5 March 18 March 25 Total 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 Specific Average Identification Sales Less: Cost of goods sold Gross profit