Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Activities Beginning inventory Purchase Units Acquired at Cost 160 units @$52.20 per unit 255 units @ $57.20 per unit March 9 Sales March 18 March 25 Purchase Purchase March 29 Sales Totals Units Sold at Retail 320 units @ $87.20 per unit 115 units @$62.20 per unit 210 units @$64.20 per unit 190 units @ $97.20 per unit 740 units 510 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 95 units from beginning inventory, 225 units from the March 5 purchase, 75 units from the March 18 purchase, and 115 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Gross Margin FIFO LIFO Weighted Average Specific ID Sales Less: Cost of goods sold Gross profit Required information [The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 320 units. Ending inventory at January 31 totals 140 units. Beginning inventory on January 1 Units 290 Unit Cost $ 2.70 Purchase on January 9 Purchase on January 25 70 100 2.90 3.04 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO: Goods purchased Cost of Goods Sold Inventory Balance # of Date # of units Cost per unit units sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 $ 0.00