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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 Activities Units Acquired at Cost Units sold at Retail Mar. 1 Beginning inventory 130 units $65 per unit Mar. 5 Purchase 430 units@ $70 per unit Mar. Sales 450 units @ $100 per unit Mar. 18 Purchase 180 unitse $75 per unit Mar. 25 Purchase 260 units $77 per unit Mar. 29 Sales 220 units $110 per unit Totals 1,000 units 670 units Date For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 380 units from the March 5 purchase the March 29 sale consisted of 70 units from the March 18 purchase and 150 units from the March 25 purchase. Required. 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory. 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.) 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.)
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