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

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Accounting

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
March 1 Beginning inventory 130 units @ $51.60 per unit
March 5 Purchase 240 units @ $56.60 per unit
March 9 Sales 290 units @ $86.60 per unit
March 18 Purchase 100 units @ $61.60 per unit
March 25 Purchase 180 units @ $63.60 per unit
March 29 Sales 160 units @ $96.60 per unit
Totals 650 units 450

units

Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80 units from beginning inventory, 210 units from the March 5 purchase, 60 units from the March 18 purchase, and 100 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)

Gross Margin FIFO LIFO Weighted Average Specific ID
Sales
Less: Cost of goods
Gross profit

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