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(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
(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 Units Sold at Retail Units Acquired at Cost 250 units @ $54.00 per unit 300 units @ $59.00 per unit Date March 1 March 5 March 9 March 18 March 25 March 29 410 units @ $89.00 per unit Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 160 units 300 units @ $64.00 per unit @ $66.00 per unit 280 units @ $99.00 per unit 690 units 1,010 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 140 units from beginning inventory, 270 units from the March 5 purchase, 120 units from the March 18 purchase, and 160 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) Gross Margin FIFO LIFO Weighted Average Specific ID Sales Less: Cost of goods sold Gross profit
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