Warnerwoods Company uses a perpetual 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 230 units @ $53.60 per unit 290 units @ $58.60 per unit 150 units @ $63.60 per unit 280 units @ $65.60 per unit 390 units @ $88.60 per unit 260 units @ $98.60 per unit 650 units 950 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 130 units from beginning inventory and 260 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 150 units from the March 25 purchase. Weighted Average Perpetual: Goods Purchased Cost of Goods Sold # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold Date March 1 March 5 Inventory Balance Cost per # of units unit Inventory Balance 230 @ $ 53.60 = $ 12,328.00 Average March 9 March 18 Average March 25 March 29 Totals $ 0.00 Specific Identification: Goods Purchased # of Cost per Date units unit March 1 Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per # of units unit Inventory Balance 230 @ $53.60 = 12,328.00 March 5 March 9 March 18 March 25 March 29 Totals $ 0.00 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 130 units from beginning inventory and 260 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 150 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) FIFO LIFO Avg. Cost Spec. ID Gross Margin Sales Less: Cost of goods sold Gross profit