Required information Problem 5-1A 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 Activities Units Acquired at Cost Units sold at Retail Mar. 1 Beginning inventory 100 units @ $5e.ee per unit Mar. 5 Purchase 400 units@ $55.ee per unit Mar. 9 Sales 420 units @ $85.ee per unit Mar. 18 Purchase 120 units @ $60.00 per unit Mar. 25 Purchase 200 units @ $62.00 per unit Mar. 29 Sales 160 units @ $95.00 per unit Totals 820 units 580 units 3. Compute the cost assigned to ending inventory using (a) FIFO. (D) LIFO. (c) weighted average, and (c) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. 4 Complete this question by entering your answers in the tabs below. Perpetual Lafo Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO Goods Purchased #of Cost per units unit Cost of Goods Sold Cost per Cost of Goods Sold unit Date # of units sold Inventory Balance Cost per Inventory # of units unit Balance 100 $ 50.00 $5,000.00 e March 1 March 5 4001 $ 55.00 $ 50.00 S 55 00 3. Compute the cost assigned to ending inventory using (@) FIFO. (b) LIFO. (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase, the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase 3 of 4 Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specificid Compute the cost assigned to ending inventory using UFO. Perpetual LIFO: Insenti Raane Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance 3 of 4 March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specificid Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 80 units fro and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 2 Specific Identification: Goods Purchased #of Date Cost per units unit March 1 Cost of Goods Sold Cost per cost of Goods Sold unit #of units sold Inventory Balance # of units Cost per unit Inventory Balance 100 $ 50.00 - $ 5,000.00 March 5 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. (Round weighted average cost per unit to two decimals.) Gross Margin Sales FIFO LIFO Avg. Cost Spec. ID Less: Cost of goods sold Gross profit