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 90 units from beginning inventory and 220 units from the March 5 purchase; the March 29 sale consisted of 70 units from the March 18 purchase and 110 units from the March 25 purchase. (Round your average cost per unit to 2 decimal places.)

4.

Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 90 units from beginning inventory and 220 units from the March 5 purchase; the March 29 sale consisted of 70 units from the March 18 purchase and 110 units from the March 25 purchase. (Round your final answers to two decimal places.)

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

150

units

@ $52.00/unit

Mar.

5

Purchase

250

units

@ $57.00/unit

Mar.

9

Sales

310

units

@ $87.00/unit

Mar.

18

Purchase

110

units

@ $62.00/unit

Mar.

25

Purchase

200

units

@ $64.00/unit

Mar.

29

Sales

180

units

@ $97.00/unit

Totals

710

units

490

units

Perpetual FIFO: March 1 March 5 March 9 March 18 March 25 March 29 Totals Goods purchased Cost of Goods Sold Inventory Balance Cost per of units Cost per Cost of Goods of units ost per Inventory unit sold Sold Balance units 150 52.00 7,800.00 150 52.00 7,800.00 250 57.00 250 s 57.00 14,250.00 22,050.00 150 52.00 7,800.00 160 57.00 9,120.00 90 57.00 5,130.00 16,920.00 5,130.00 110 62.00 52.00 57.00 62.00 52.00 200 64.00 90 57.00 5,130.00 110 62.00 6,820.00 200 64.00 12,800.00 24,750.00 52.00 52.00 0.00 90 57.00 130.00 57.00 20 S 62.00 1,240.00 5,580.00 90 62.00 64.00 0.00 200 a 64.000 12,800.00 10,710.00 14,040.00 27,630.00 14,040.00