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. Units Sold at Retail Mar. Units Acquired at Cost 105 units @ $40 per unit 405 units @ $45 per unit 425 units @ $75 per unit Date Activities 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 130 units @ $50 per unit 210 units @ $52 per unit 170 units@ $85 per unit 595 units 850 units For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 355 units from the March 5 purchase; the March 29 sale consisted of 45 units from the March 18 purchase and 125 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 Unit Available Sale $ 0 Beginning inventory Purchases: March 5 March 18 0 0 March 25 0 Total 0 2. Compute the number of units in ending inventory. Ending inventory 3 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.) a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per unit # of units Cost of Goods Available for Sale Cost per # of units sold Cost of Goods Sold unit # of units in ending inventory Cost per unit Ending Inventory $ 0 $ 0.00 $ 0 $ 0.00 $ 0 0 $ 0 $ 0 Beginning inventory Purchases: March 5 March 18 March 25 Total 0.00 0.00 0.00 0.00 0 $ 0 $ $ 0 0 0 0 0.00 0 0 0 b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale Cost per # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Ending Inventory unit $ 0 Beginning inventory Purchases: March 5 March 18 March 25 0 0 0 Total 0 0 c) Average Cost Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Average Cost per unit Cost of Goods Available for Sale # of units sold Average Cost per Unit Cost of Goods Sold # of units Average in ending Cost per inventory unit Ending Inventory Beginning inventory Purchases: March 5 March 18 March 25 Total $ 0 $ 0 d) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per unit # of units Cost of Goods Available for Sale Cost per # of units sold Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory unit 0 0 Beginning inventory Purchases: March 5 0 O O March 18 0 March 25 0 0 Total 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 $ O $ 0 $ 0 $ 0