Warnerwoods Company uses a perpetual inventory system. It entered into the following purchaes and sales transactions for March. (For specifc 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.

Date Activities Units Acquired at Cost Units Sold at Retail

Mar 1 Beginning Inventory 100 units @ $50. per unit

Mar. 5 Purchase 400 units @ $55.00 per unit

Mar. 9 Sales 420 units @ $85.00 per unit

Mar. 18 Purchases 120 units @ $60.00 per unit

Mar. 25 Purchases 200 units @ $62.00 per unit

Mar 29 Sales 160 units @ $95.00 per unit

Required

1. Compute the a. fifo b. Lifo, c. weighted average, d. Specific identification

2. Compute gross profit earned by the company for each of the four costing methods .

For the Weighted average, this is the solution i came up with. I don't understand what i did wrong but the answer on my textbook says the ending inventory should be $14,352. Please also look below and let me know what I did wrong

Weighed average

DT Purchase Cost of Goods Sold Inventory Balance

3/1 100@ $50 = $5,000

3/5 400 @ $55 = 22,000 400 @ $55 = 22,000

= 500 @ = 27,000/5 = $54 each

3/9 100@ $54 = 5,400

320 @ $54 = 17,280

= 22,680 80@ $54 = 4,320

3/18 120@ $60 = 7,200 120@$60 = 7,200

3/25 200@ $62 = 12,400 200@$62 = 12,400

12,400/200 = 62

3/29 160 @ $62 = 9,920 240@ 62 = $14,880

$14,880 is my ending inventory but according to the book my answer should be $14,352.

Which steps did i missed here? I also have a difficult time understanding gross profit. Ater putting all the tables above i don't know which one is for sales, cogs and ending inventory. My professor gave us a formula that he said is very useful Cogs = Beginning inventory + purchase - ending inventory. Please show me the step by step process for this problem as this is my first time learning this material. Thank you