[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

Activities

Units Acquired at Cost

Units Sold at Retail

Mar.

1

Beginning inventory

160

units

@ $50 per unit

Mar.

5

Purchase

460

units

@ $55 per unit

Mar.

9

Sales

480

units

@ $85 per unit

Mar.

18

Purchase

240

units

@ $60 per unit

Mar.

25

Purchase

320

units

@ $62 per unit

Mar.

29

Sales

280

units

@ $95 per unit

Totals

1,180

units

760

units

For specific identification, the March 9 sale consisted of 60 units from beginning inventory and 420 units from the March 5 purchase; the March 29 sale consisted of 100 units from the March 18 purchase and 180 units from the March 25 purchase.

2. Compute the number of units in ending inventory.

Ending inventory _________ units

3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification.

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.)

Fifo / Lifo / Weighted Average / Specific Identification Sales

Less: Cost of good sold Gross profit