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

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Accounting

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
Mar. 1 Beginning inventory 170 units @ $60 per unit
Mar. 5 Purchase 470 units @ $65 per unit
Mar. 9 Sales 490 units @ $95 per unit
Mar. 18 Purchase 260 units @ $70 per unit
Mar. 25 Purchase 340 units @ $72 per unit
Mar. 29 Sales 300 units @ $105 per unit
Totals 1,240 units 790 units

For specific identification, the March 9 sale consisted of 90 units from beginning inventory and 400 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 190 units from the March 25 purchase.

1. Compute gross profit earned by the company for each of the four costing methods

2, Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification

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