Required information

Problem 6-2AA Periodic: Alternative cost flows LO P3

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Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March.

For specific identification, the March 9 sale consisted of 60 units from beginning inventory and 420 units from the March 5 purchase; the March 29 sale consisted of 100 units from the March 18 purchase and 180 units from the March 25 purchase.

Problem 6-2AA Part 3

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.)

Problem 6-2AA Part 4

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.)

Activities Units Sold at Retail Units Acquired at Cost 160 units $50 per unit 460 units $55 per unit Date Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 480 units e $85 per unit 240 units $60 per unit 320 units e $62 per unit 280 unitse $95 per unit 760 units Totals 1,180 units