[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 March 1 March 5 Activities Beginning inventory Purchase Units Acquired at Cost 115 units @ $50 per unit 415 units @ $55 per unit Units Sold at Retail March 9 Sales 435 units @$85 per unit March 18 Purchase 150 units March 25 Purchase @$60 per unit 230 units @ $62 per unit March 29 Sales 190 units @$95 per unit Totals 910 units 625 units For specific identification, units sold include 50 units from beginning inventory, 385 units from the March 5 purchase, 55 units from the March 18 purchase, and 135 units from the March 25 purchase. 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.) a) Periodic FIFO Beginning inventory Purchases Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available # of units Cost per sold Cost of Goods unit Sold for Sale # of units in ending inventory Cost per unit Ending Inventory 115 $50.00 $ 5,750) $ 000 $ 115 $ 50.00 $ 5,750 Purchases March 5 March 18 March 25 Total 0 $ 0.00 0 115 0 $ 0.00 0 $ 0.00 0 0 $ 0.00 0 115 $ 5,750 0 230 $ 5,750 b) Periodic LIFO Cost of Goods Available for Sale Beginning inventory Purchases March 51 March 18 March 25 Total # of units Cost per unit Cost of Goods Available # of units sold Cost per unit Cost of Goods Sold Cost of Goods Sold for Sale 115 $ 50.00 $ 5,750 115 $5,750 0 c) Average Cost Beginning inventory Cost of Goods Available for Sale Average # of units Cost per unit 115 Cost of Goods Available for Sale $ 5,750 Cost of Goods Sold # of units sold Average Cost per Unit Cost of Goods Sold Ending Inventory # of units in ending Cost per unit Ending Inventory inventory Ending Inventory # of units in ending inventory Average Cost per unit Ending Inventory 0. 0 Beginning inventory Purchases March 5 March 18 Average # of units Cost per 115 unit March 25 Total Cost of Goods Available for Sale $ 5,750 115 $ 5,750 d) Specific Identification Cost of Goods Available for Sale Beginning inventory # of units sold Average Cost of # of units in Average Cost per Unit Goods Sold ending inventory Cost per Ending Inventory unit $ $ Cost of Goods Sold Ending Inventory Cost of # of units Cost per Goods # of units unit Available: sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory for Sale 115 $ 50.00 $ 5,750 $ 50.00 $ 0 $ 50.00 $ 0 Purchases March 5 0 0 March 18 0 0 March 25 0 0 Total 115 $ 5,750 0 0 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 March 1 March 5 Activities. Beginning inventory Purchase Units Acquired at Cost. Units Sold at Retail 115 units 415 units $50 per unit $55 per unit March 91 Sales 435 units $85 per unit March 18 March 25 Purchase Purchase 150 units 230 units @ $60 per unit $62 per unit March 29 Sales Totals 910 units 190 units @ $95 per unit 625 units For specific identification, units sold include 50 units from beginning inventory, 385 units from the March 5 purchase, 55 units from the March 18 purchase, and 135 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.) Sales Less Cost of goods sold Gross profit FIFO LIFO Weighted Specific Average Identification