Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. 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 100 units @ $50.00 per unit 400 units @ $55.00 per unit 120 units @ $60.00 per unit 200 units @ $62.00 per unit 820 units Units Sold at Retail 420 unite $85.00 per unit 160 units $95.00 per unit 580 units Problem 5-1A Part 4 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 $ 50,900 $ 50,900 $ 50,900 $ 50,900 Less: Cost of goods sold 31,800 Gross profit $ 19,100 < Prev 89 of 9 Next