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Problem 6-2AA (Static) 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: Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Problem 6-2AA (Static) Part 4 Sales Less: Cost of goods sold Gross profit $ $ FIFO 50,900 $ For specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. 50,900 Units Acquired at Cost @ $50 per unit @ $55 per unit $ 100 units 400 units 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. LIFO 120 units 200 units 820 units @ $60 per unit @ $62 per unit 50,900 $ 50,900 $ Weighted Average Specific Identification 50,900 $ 50,900 $ 50,900 Units Sold at Retail + 420 units @ $85 per unit 50,900 160 units @ $95 per unit 580 units

Problem 6-2AA (Static) 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. For specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. Problem 6-2AA (Static) Part 4 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

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