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 60 units from beginning inventory and 190 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 80 units from the March 25 purchase. 2. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 60 units from beginning inventory and 190 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 80 units from the March 25 purchase.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Mar.

1

Beginning inventory

90

units

@ $50.80/unit

Mar.

5

Purchase

220

units

@ $55.80/unit

Mar.

9

Sales

250

units

@ $85.80/unit

Mar.

18

Purchase

80

units

@ $60.80/unit

Mar.

25

Purchase

140

units

@ $62.80/unit

Mar.

29

Sales

120

units

@ $95.80/unit

Totals

530

units

370

units