Required information [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 March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Units Acquired at Cost 120 units @ $51.40 per unit 235 units @ $56.40 per unit Units Sold at Retail Sales Purchase Purchase Sales Totals 280 units @ $86.40 per unit 95 units 170 units @ $61.40 per unit @ $63.40 per unit 620 units 150 units @ $96.40 per unit 430 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 75 units from beginning inventory, 205 units from the March 5 purchase, 55 units from the March 18 purchase, and 95 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units March 1 120 at March 5 Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals $ 0.00 Inventory Balance Cost per unit $ 51.40 = Inventory Balance $ 6,168.00 Compute the cost assigned to ending inventory using LIFO. Goods Purchased Date # of units Cost per unit # of units sold Perpetual LIFO: Cost of Goods Sold March 1 March 5 Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals Inventory Balance Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance 120 at $ 51.40 = $ 6,168.00 $ 0.00 Weighted Average > < Perpetual FIFO 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 75 units from beginning Inventory, 205 units from the March 5 purchase, 55 units from the March 18 purchase, and 95 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per Inventory Balance unit March 1 120 at $ 51.40 = $ 6,168.00 March 5 Average March 5 March 9 March 18 Average March 18 March 25 Average March 25 March 29 Totals 0.00 Perpetual LIFO Specific Id > 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific Identification. For specific identification, units sold include 75 units from beginning Inventory, 205 units from the March 5 purchase, 55 units from the March 18 purchase, and 95 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 75 units from beginning inventory, 205 units from the March 5 purchase, 55 units from the March 18 purchase, and 95 units from the March 25 purchase. Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory Date # of units Cost per unit Cost of Goods Available for # of units sold Cost per unit Cost of Goods Sold # of units in ending Cost per unit Ending Inventory Sale inventory March 1 March 5 $ 0 S 0.00 $ 0 S 0.00 $ 0 0 0.00 0 0.00 0 March 18 0 0.00 0 0.00 0 March 25 0 0.00 0 Total 0 $ 0 $ 0 0 $ 0 < Weighted Average Specific Id > Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 75 hits from beginning Inventory, 205 units from the March 5 purchase, 55 units from the March 18 purchase, and 95 units from the arch 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) Gross Margin Sales Less: Cost of goods sold Gross profit FIFO LIFO Weighted Average Specific ID