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Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. For specific identification, units sold include 60 units from beginning inventory, 370 units from the March 5 purchase, 50 units from the March 18 purchase, and 130 units from the March 25 purchase. 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. Note: Round your "average cost per unit" to 2 decimal places. Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. For specific identification, units sold include 60 units from beginning inventory, 370 units from the March 5 purchase, 50 units from the March 18 purchase, and 130 units from the March 25 purchase. 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar. Compute the cost assigned to ending inventory using LIFO. Required information [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. 3. 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 135 units from beginning inventory, 265 units from the March 5 purchase, 115 units from the March 18 purchase, and 155 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Compute the cost assigned to ending inventory using FIFO. Complete this question by entering your answers in the tabs below. Compute the cost assigned to ending inventory using specific identification. For specijic identification, units sold include 135 units from beginning inventory, 265 units from the March 5 purchase, 115 units from the March 18 purchase, and 155 units from the March 25 purchase. (1) Required information a) Periodic FIFO \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multirow[b]{3}{*}{ Boginning inventory } & \multicolumn{5}{|c|}{ Cost of Goods Available for Sale } & \multicolumn{4}{|c|}{ Cost of Goods Sold } & \multicolumn{4}{|c|}{ Ending Inventory } \\ \hline & \multirow{2}{*}{\begin{tabular}{|r|} E of units \\ 110 \\ \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{c} Cost of \\ Goods \\ Avaliable \\ for Sale \end{tabular}} & \multirow{2}{*}{\begin{tabular}{c} \# of units \\ sold \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \begin{tabular}{l} Cost of \\ Goods \\ Sold \end{tabular} & \multirow[t]{2}{*}{\begin{tabular}{l} \# of units in \\ ending \\ inventory \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \begin{tabular}{c} Ending \\ Inventory \end{tabular} \\ \hline & & $ & 45.00 & $ & 4,950 & & $ & 0.00 & $ & & s & 0.00 & $ \\ \hline \multicolumn{14}{|l|}{ Purchases: } \\ \hline March 5 & 410 & s & 50.00 & & 20,500 & & $ & 0.00 & 0 & 0 & $ & 0.00 & 0 \\ \hline March 18 & 140 & $ & 55.00 & & 7,700 & & 5 & 0.00 & & 0 & $ & 0.00 & 0 \\ \hline March 25 & 220 & $ & 57.00 & & 12,540 & & & & & 0 & $ & 0.00 & 0 \\ \hline Total & 880 & & & $ & 45,690 & 0 & & & & 0 & & & \\ \hline \end{tabular} b) Periodic LIFO c) Average Cost Compute the cost assigned to ending inventory using weighted average. Note: Round your average cost per unit to 2 decimal places. Compute the cost assigned to ending inventory using FIFO. (1) Required information \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multirow{2}{*}{ March 9} & & & & 240 & at & $53.80 & = & $ & 12,912.00 & 135 & at & $53.801 & = & $7,263.00 \\ \hline & & & & 160 & at & $58.80 & = & & 9,408.00 & & at & $58.80 & & \\ \hline Total March 9 & & & & & & & & $ & 22,320.00 & & & & & $7,263,00 \\ \hline \multirow{3}{*}{ March 18} & 155 & at & $63.80 & & & & & & & 135 & at & $53.80 & = & $7,263.00 \\ \hline & & & & & & & & & & 155 & at & $58.80 & = & 9,114.00 \\ \hline & & & & & & & & & & & at & $63.80 & & \\ \hline Total March 18 & & & & & & & & & & & & & & $16,377.00 \\ \hline \multirow{4}{*}{ March 25} & 290 & at & $65.80 & & & & & & & 135 & at & $53.80 & = & \$ 7,263.00 \\ \hline & & & & & & & & & & 295 & at & $58.80 & = & 17,346.00 \\ \hline & & & & & & & & & & 155 & at & $63.80 & = & 9,889.00 \\ \hline & & & & & & & & & & 290 & at & $65.80 & = & 19,082.00 \\ \hline Total March 25 & & & & & & & & & & & & & & $53,580.00 \\ \hline \multirow{4}{*}{ March 29} & & & & 135 & at & $53.80 & = & $ & 7,263.00 & 0 & at & $53.80 & & \\ \hline & & & & 135 & at & $58.80 & = & & 7,938.00 & 20 & at & $58,80 & = & 1,176.00 \\ \hline & & & & & at & $63.80 & " & & 0.00 & 290 & at & $63.80 & = & 18,502,00 \\ \hline & & & & 270 & at & $65.80 & = & & 17,766.00 & & at & $65.80 & & \\ \hline Total March 29 & & & & & & & & s & 32,967.00 & & & & & $19,678,00 \\ \hline Totals & & & 7 & & & & & $ & 55,287.00 & & & & & $19,678.00 \\ \hline \end{tabular} Perpetual LIFO > (1) Required information c) Average Cost \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline & \multicolumn{3}{|c|}{ Cost of Goods Avallable for Sale } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Ending Inventory } \\ \hline & \# of units & \begin{tabular}{c} Average \\ Cost per \\ unit \end{tabular} & \begin{tabular}{c} Cost of \\ Goods \\ Available \\ for Sale \end{tabular} & \begin{tabular}{l} \# of units \\ sold \end{tabular} & \begin{tabular}{l} Average \\ Cost per \\ Unit \end{tabular} & \begin{tabular}{l} Cost of \\ Goods \\ Sold \end{tabular} & \begin{tabular}{l} \# of units in \\ ending \\ inventory \end{tabular} & \begin{tabular}{c} Average \\ Cost per \\ unit \end{tabular} & \begin{tabular}{l} Ending \\ Inventory \end{tabular} \\ \hline Beginning inventory & 110 & & $4,950 & & & + & & & \\ \hline \multicolumn{10}{|l|}{ Purchases: } \\ \hline March 5 & 410 & & 20,500 & & & & & & \\ \hline March 18 & 140 & & 7,700 & & & & & & \\ \hline March 25 & 220 & & 12,540 & & & & & & \\ \hline Total & 8801 & & $45.690 & & & of & & 7 & $ \\ \hline \end{tabular} d) Specific Identification \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline & \multicolumn{5}{|c|}{ Cost of Goods Avaliable for Sale } & \multicolumn{5}{|c|}{ Cost of Goods Sold } & \multicolumn{5}{|c|}{ Ending Inventory } \\ \hline & \multirow{2}{*}{\begin{tabular}{|r|} In of units \\ 110 \\ \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{l} Cost of \\ Goods \\ Avallable \\ for Sale \end{tabular}} & \multirow[t]{2}{*}{\begin{tabular}{c} H of units \\ sold \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \multicolumn{2}{|l|}{\begin{tabular}{l} Cost of \\ Goods \\ Sold \end{tabular}} & \multirow[t]{2}{*}{\begin{tabular}{l} of units in \\ ending \\ inventory \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{l} Ending \\ Inventory \end{tabular}} \\ \hline Beginning inventory & & $ & 45.00 & $ & 4,950 & & $ & 45.00 & $ & of & & 5 & 45.00 & $ & 0 \\ \hline \multicolumn{16}{|l|}{ Purchases: } \\ \hline March 5 & 410 & $ & 50.00 & & 20,500 & & $ & 50.00 & & 0 & & s & 50,00 & & 0 \\ \hline March 18 & 140 & $ & 55.00 & & 7,700 & & $ & 55.00 & & 07 & & s & 55.00 & & 0 \\ \hline March 25 & 220 & $ & 57.00 & & 12,540 & & $ & 57.00 & & 01 & & $ & 57.00 & & 0 \\ \hline Total & 880 & & & & 45,690 & 0 & & & & & 0 & & & & \\ \hline \end{tabular}