Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Beginning Mar. 1 inventory Units Acquired at Cost Units Sold at Retail @ $50.00 per unit 100 units, 400 units @ $55.00 per unit Mar. 5 Purchase @ $85.00 per unit Mar. 9 Sales 420 units @ $60.00 per unit @ $62.00 per unit 120 units Mar. 18 Purchase Mar. 25 Purchase 200 units 160 units $95.00 per unit Mar. 29 Sales Totals 820 units 580 units Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale Cost of Goods Available for Sale Cost per Unit # of units Beginning inventory Purchases: March 5 March 18 March 25 Total 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. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. (Round your average cost per unit to 2 decimal places.) Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Cost Cost Cost # of units Cost of Goods Sold # of units Inventory Balance Date # of units per unit per unit per unit sold March 1 100 @ S 50.00 = $5,000.00 March 5 March 9 March 18 March 25 March 29 Totals Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Cost Cost Cost Cost of Goods Sold Inventory Balance # of # of units Date # of units per unit per unit per unit 100 @ S 50.00 = $5,000.00 units sold March 1 March 5 March 9 March 18 March 25 March 29 Totals 0.00 Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Cost Cost Cost # of units # of units Cost of Goods Inventory Balance Date # of units per unit per per unit sold Sold unit March 1 March 5 100 @ $ 50.00 = $ 5,000.00 Average March 9 March 18 Average March 25 March 29 Totals Specific Identification: Goods Purchased Cost of Goods Sold Inventory Balance Cost Cost Cost # of units # of units Cost of Goods Sold # of units Inventory Balance Date per unit per per unit sold unit March 1 100 @ $ 50.00 = $5,000.00 March 5 March 9 March 18 March 25 March 29 Totals 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. (Round weighted average cost per unit to two decimals.) Gross Margin FIFO LIFO Avg. Cost Spec. ID Sales Less: Cost of goods sold Gross profit