nces Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 [The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Mar. Mar. Activities 1 Beginning inventory 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at Cost 70 units@ $50.40 per unit 210 units $55.40 per unit 70 units @ $60.40 per unit 120 units @ $62.40 per unit 470 units Units Sold at Retail 230 units @ $85.40 per unit 100 units @ $95.40 per unit 330 units Problem 6-1A Part 4 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 180 units from the March 5 purchase; the March 29 sale consisted of 30 units from the March 18 purchase and 70 units from the March 25 purchase (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) Gross Margin Sales Less Cost of goods sold Gross profit FIFO LIFO Avg. Cost 29,182 $ 29,182 $ Spec. ID 29,182 5 29,182