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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 250 units @ $54.00 per unit
March 5 Purchase 300 units @ $59.00 per unit
March 9 Sales 410 units @ $89.00 per unit
March 18 Purchase 160 units @ $64.00 per unit
March 25 Purchase 300 units @ $66.00 per unit
March 29 Sales 280 units @ $99.00 per unit
Totals 1,010 units 690 units
Gross Margin FIFO LIFO Weighted Average Specific ID
Sales
Less: Cost of Goods Sold
Gross Profit

4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 140 units from beginning inventory, 270 units from the March 5 purchase, 120 units from the March 18 purchase, and 160 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)

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