Required information [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 March 1 March 5 Activities Beginning inventory Purchase March 9 Sales March 18 Purchase March 25 March 29 Purchase Sales Totals Units Acquired at Cost 130 units @ $65 per unit 430 units @ $70 per unit 180 units @ $75 per unit 260 units @ $77 per unit Units Sold at Retail 450 units @ $100 per unit 1,000 units 220 units @ $110 per unit 670 units For specific identification, units sold include 70 units from beginning inventory, 380 units from the March 5 purchase, 70 units from the March 18 purchase, and 150 units from the March 25 purchase. 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. Note: Round your "average cost per unit" to 2 decimal places. a) Periodic FIFO Beginning inventory Purchases: March 5 March 18 March 25 Total Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per # of units unit Cost of Goods Available Cost of # of units Cost per Goods sold unit Sold # of units in ending inventory Cost per unit Ending Inventory for Sale $ 0 $ 0.00 $ 0 $ 0.00 $ 0 0 $ 0.00 0 S 0.00 0 0 $ 0.00 0 S 0.00 0 0 0 $ 0.00 0 0 0 0 b) Periodic LIFO Beginning inventory Purchases: March 5 March 18 March 25 Total # of units Cost per unit Cost of Goods Available for Sale Cost of Goods Available Cost of Goods Sold Ending Inventory Cost of # of units in # of units Cost per Cost per sold unit Goods Sold ending inventory unit Ending Inventory for Sale $ 0 0 0 0 0 0 c) Average Cost Beginning inventory Purchases: March 5 Cost of Goods Available for Sale Average # of units Cost per unit Cost of Goods Available for Sale March 18 March 25 Total Cost of Goods Sold Ending Inventory # of units sold Average Cost per Unit Cost of # of units in Goods Sold ending inventory Average Cost per unit Ending Inventory $ 0 $ 0 d) Specific Identification Cost of Goods Available for Sale Beginning inventory Purchases: March 5 March 18 March 25 Total Cost of Goods Sold Ending Inventory Cost of Cost of # of units in # of units Cost per unit Goods Available # of units Cost per Cost per Goods sold unit Sold ending inventory unit Ending Inventory for Sale $ 0 $ 0 0 0 0 0 0 0 0 0 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar. Sales Less: Cost of goods sold Gross profit FIFO LIFO Weighted Average Specific Identification