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

Activities

Units Acquired at Cost

Units Sold at Retail

Mar.

1

Beginning inventory

170

units

@ $52.40 per unit

Mar.

5

Purchase

260

units

@ $57.40 per unit

Mar.

9

Sales

330

units

@ $87.40 per unit

Mar.

18

Purchase

120

units

@ $62.40 per unit

Mar.

25

Purchase

220

units

@ $64.40 per unit

Mar.

29

Sales

200

units

@ $97.40 per unit

Totals

770

units

530

units

4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 100 units from beginning inventory and 230 units from the March 5 p