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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

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
March 1 Beginning inventory 210 units @ $53.20 per unit
March 5 Purchase 280 units @ $58.20 per unit
March 9 Sales 370 units @ $88.20 per unit
March 18 Purchase 140 units @ $63.20 per unit
March 25 Purchase 260 units @ $65.20 per unit
March 29 Sales 240 units @ $98.20 per unit
Totals 890 units 610 units
Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 120 units from beginning inventory, 250 units from the March 5 purchase, 100 units from the March 18 purchase, and 140 units from the March 25 purchase.
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 120 units from beginning inventory, 250 units from the March 5 purchase, 100 units from the March 18 purchase, and 140 units from the March 25 purchase.

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