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Requlred Information [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and
Requlred 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. For specific identification, units sold include 70 units from beginning inventory. 380 units from the March 5 purchase, 70 units from the March 18 purchase, and 150 units from the March 25 purchase. Requlred: 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. Note: Round your "overage cost per unlt" to 2 declmal places. 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your overage cost per unit to 2 decimal places and finol answers to nearest whole dollar
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