Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Mar.

1

Beginning inventory

140

units

@ $51.80 per unit

Mar.

5

Purchase

245

units

@ $56.80 per unit

Mar.

9

Sales

300

units

@ $86.80 per unit

Mar.

18

Purchase

105

units

@ $61.80 per unit

Mar.

25

Purchase

190

units

@ $63.80 per unit

Mar.

29

Sales

170

units

@ $96.80 per unit

Totals

680

units

470

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 85 units from beginning inventory and 215 units from the March 5 purchase; the March 29 sale consisted of 65 units from the March 18 purchase and 105 units from the March 25 purchase.

4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 85 units from beginning inventory and 215 units from the March 5 purchase; the March 29 sale consisted of 65 units from the March 18 purchase and 105 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)