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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
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 Units Sold at Retail Units Acquired at Cost 145 units @ $80 per unit 445 units @ $85 per unit 465 units @ $115 per unit Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 210 units @ $90 per unit 290 units @ $92 per unit 250 units @ $125 per unit 715 units 1,090 units For specific identification, the March 9 sale consisted of 90 units from beginning inventory and 375 units from the March 5 purchase, the March 29 sale consisted of 85 units from the March 18 purchase and 165 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
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