Required information

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

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Mar.

1

Beginning inventory

185

units

@ $75 per unit

Mar.

5

Purchase

485

units

@ $80 per unit

Mar.

9

Sales

505

units

@ $110 per unit

Mar.

18

Purchase

290

units

@ $85 per unit

Mar.

25

Purchase

370

units

@ $87 per unit

Mar.

29

Sales

330

units

@ $120 per unit

Totals

1,330

units

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.)

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 decimal places and final answers to nearest whole dollar.) Weighted Average Identification Specific FIFO LIFO Sales Less: Cost of goods sold Gross profit 0 $ 0