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

145

units

@ $80 per unit

Mar.

5

Purchase

445

units

@ $85 per unit

Mar.

9

Sales

465

units

@ $115 per unit

Mar.

18

Purchase

210

units

@ $90 per unit

Mar.

25

Purchase

290

units

@ $92 per unit

Mar.

29

Sales

250

units

@ $125 per unit

Totals

1,090

units

715

units

For specific identification, the March 9 sale consisted of 90 units from beginning inventory and 375 units from the March 5 purchase; the March 29 sale consisted of 85 units from the March 18 purchase and 165 units from the March 25 purchase.

1.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.)

2.Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places.)

Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. For specific identification, the March 9 sale consisted of 90 units from beginning inventory and 375 units from the March 5 purchase; the March 29 sale consisted of 85 units from the March 18 purchase and 165 units from the March 25 purchase. 1.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.) 2.Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places.)