Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at Cost 170 units @ $60 per unit 470 units @ $65 per unit 260 units @ $70 per unit 340 units @ $72 per unit 490 units @ $95 per unit 300 unitse $105 per unit 790 units 1,240 units For specific identification, the March 9 sale consisted of 90 units from beginning inventory and 400 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 190 units from the March 25 purchase. equired. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale # of Units Cost of Goods Unit Available for Sale Cost per Beginning inventory Purchases: March 5 March 18 March 25 Total 3. Compute the cost assigned to ending inventory using (a) FIFO. (b) LIFO. (c) weighted average, and (c) specific Identification. (Round your average cost per unit to 2 decimal places.) a) Periodic FIFO Cost of Goods Available Cost of Goods Sold for Sale Ending Inventory Cost of # of Cost # of Cost Goods Cost # of units units of Cost Ending units per unit Available in ending per unit Goods sold per unit Inventory for Sale Sold inventory Beginning inventory Purchases: March 5 March 18 March 25 Total b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Cost # of Cost # of Goods Cost of # of units Cost Ending units per unit Available units in ending per unit Goods sold per unit Inventory for Sale Sold inventory Beginning inventory Purchases: March 5 March 18 March 25 Total c) Average Cost Cost of Goods Available for Sale Cost of # of Average Goods units Cost Available per unit for Sale Cost of Goods Sold Ending Inventory # of Average Cost of # of units Average units Cost Ending in ending Cost Goods sold per Unit Inventory Sold inventory per unit Beginning inventory Purchases: March 5 March 18 March 25 Total d) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory 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 Activities Units Acquired at Coat Units Sold at Retail Beginning Mar. 1 inventory unit Mar. 5 Purchase unit Mar. 9 Sales unit Mar. 18 Purchase 260 units $70 per unit Mar.25 Purchase unit Mar. 29 Sales unit Totals 1,240 units 790 units 170 units $60 per 470 units ses per 490 units $95 per 340 units $72 per 300 units $105 per For specific identification, the March 9 sale consisted of 90 units from beginning inventory and 400 units from the March 5 purchase the March 29 sale consisted of 110 units from the March 18 purchase and 190 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.) FIFO LIFO Weighted Specific Average Identification Sales Less: Cost of goods sold Gross profit