Problem 5-1A (Algo) Periodic: Alternative cost flows LO P1

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Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March.

Date	Activities	Units Acquired at Cost	Units Sold at Retail
March 1	Beginning inventory	135	units	@ $70 per unit
March 5	Purchase	435	units	@ $75 per unit
March 9	Sales				455	units	@ $105 per unit
March 18	Purchase	190	units	@ $80 per unit
March 25	Purchase	270	units	@ $82 per unit
March 29	Sales				230	units	@ $115 per unit
	Totals	1,030	units		685	units

For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 375 units from the March 5 purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 155 units from the March 25 purchase.

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.

	FIFO	LIFO	Weighted Average	Specific Identification
Sales
Less: Cost of goods sold
Gross profit	$0	$0	$0	$0