Required information Problem 6-2AA Periodic: Alternative cost flows LO P3 [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. Units Sold at Retail Units Acquired at Cost 155 units @ $45 per unit 455 units @ $50 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 475 units @ $80 per unit 230 units @ $55 per unit 310 units @ $57 per unit 270 units @ $90 per unit 745 units Totals 1,150 units For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 425 units from the March 5 purchase; the March 29 sale consisted of 95 units from the March 18 purchase and 175 units from the March 25 purchase. a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per # of units Cost of Cost per Goods unit Available for Sale $ 45.00 $ 0 sold Cost of Goods Sold # of units in ending inventory Cost per unit unit Ending Inventory $ 0.00 $ 0 0 $ 0.00 $ 0 Beginning inventory Purchases: March 5 March 18 0 $ 0 $ 0.00 0 $ 50.00 $ 55.00 $ 57.00 0.00 0.00 0 $ 0 $ 0.00 0 March 25 0 0 $ 0.00 0 Total 0 0 0 b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost per Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale $ 45.00 $ 0 # of units Cost per sold unit Cost of Goods Sold # of units in ending inventory Ending Inventory unit $ 0 $ 50.00 0 0 Beginning inventory Purchases: March 5 March 18 March 25 Total $ 55.00 0 0 $ 57.00 0 0 0 0 c) Average Cost Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Average Goods # of units Cost per Available unit for Sale # of units Average Cost per Unit sold Cost of Goods Sold # of units in ending inventory Average Cost per unit Ending Inventory Beginning inventory Purchases: March 5 March 18 March 25 Total $ ol $ 0 d) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per unit Cost per # of units Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Ending Inventory unit $ 45.00 $ 45.00 $ 0 $ 45.00 $ 0 Beginning inventory Purchases: March 5 March 18 $ 50.00 $ 50.00 0 $ 50.00 0 $ 55.00 $ 55.00 0 $ 55.00 oo March 25 $ 57.00 $ 57.00 0 $ 57.00 Total 0 0 4. Compute gross profit earned by the company for each of the four costing methods. (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