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PROBLEM SET A Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. (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.) Problem 6-1A Perpetual: Alternative cost flows P1 Date Activities Units Acquired at Cost Units Sold at Retail 100 units 550.00 per unit 400 units 555.00 per unit 420 units $85.00 per unit Mar. 1 Mar. 5 Mar 9 Mar. 18 Mar 25 Mar 29 Beginning inventory Purchase... Sales Purchase... Purchase. Sales Totals. 120 units @ $60.00 per unit 200 units 562.00 per unit 160 units $95.00 per unit 590 units 820 units Check (3) Ending inventory FIFO, $14,800, LIFO $13,680, WA, 514,352 14) LIFO gross profit, $17.980 Required 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO. (c) weighted average, and (d) specific identification. (Round all amounts to cents.) 4. Compute gross profit earned by the company for each of the four costing methods in part 3

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