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. Units Sold at Retail Units Acquired at Cost 185 units @ $75 per unit 485 units @ $80 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 505 units @ $110 per unit 290 units @ $85 per unit 370 units @ $87 per unit 330 units @ $120 per unit 835 units Totals 1,330 units For specific identification, the March 9 sale consisted of 40 units from beginning inventory and 465 units from the March 5 purchase, the March 29 sale consisted of 125 units from the March 18 purchase and 205 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 (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 # of units Cost per Cost of Goods Available for Sale # of units sold unit Cost per unit Cost of Goods Sold Cost per # of units in ending inventory unit Ending Inventory 185 $ 75.00 $ 13,875 185 $ 75.00 $ 13,875 $ 0.00 Beginning inventory Purchases $ 0 March 5 485 $ 80.00 485 $ 80.00 38.800 0.00 O March 18 290 $ 85.00 290 $ 85.00 24,650 $ 0.00 0 38,800 24,650 32,190 $ 109,515 March 25 370 $ 87.00 370 $ 87.00 $ 0.00 0 32,190 $ 109,515 Total 1,330 1,330 0 b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Ending Inventory unit $ 0 185 $ 75.00 $ 13,875 Beginning inventory Purchases: 0 March 5 485 $ 80.00 0 March 18 290 $ 85.00 38,800 24,650 32,190 $ 109,515 0 March 25 370 $ 87.00 0 0 Total 1,330 Available for sale Cost of Goods Sold Ending Inventory Flal 09.10 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 in ending inventory Average Cost per unit Ending Inventory 185 $ 13,875 Beginning inventory Purchases March 5 485 March 18 290 38,800 24,650 32,190 $ 109,515 March 25 370 Total 1,330 $ 0 0 d) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per # of units Cost per Cost of Goods Available for Sale # of units sold Cost of Goods Sold Cost per unit unit # of units in ending inventory Ending Inventory unit 185 $ 75.00 $ 13,875 $ 75.00 $ 0 $ 75.00 $ 0 Beginning inventory Purchases March 5 485 $ 80.00 38,800 $ 80.00 0 $ 80.00 March 18 290 $ 85.00 85.00 0 $ 85.00 O O O 0 March 25 370 $ 87.00 24,650 32,190 $ 109,515 $ 87.00 0 $ 87.00 Total 1,330 0 0 Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Units sold at Retail Units Acquired at Cost 185 units @ $75 per unit 485 units @ $80 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 505 units @ $118 per unit 290 units @ $85 per unit 370 units@ $87 per unit 1,330 units 330 units @ $120 per unit 835 units For specific identification, the March 9 sale consisted of 40 units from beginning inventory and 465 units from the March 5 purchase, the March 29 sale consisted of 125 units from the March 18 purchase and 205 units from the March 25 purchase. 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 $ $ 0 0 $ $ 0 0