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[The following information applies to the questions displayed below.]

Warnerwoods Company uses a perpetual 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

Gross Margin

Activities

Sales

Less: Cost of goods sold

Gross profit

Beginning inventory

Purchase

Sales

Purchase

Purchase

Sales

Totals

FIFO

Units Acquired at Cost

180 units @ $52.60 per unit

265 units @ $57.60 per unit

LIFO

125 units @ $62.60 per unit

230 units @ $64.60 per unit

800 units

4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 105

units from beginning inventory, 235 units from the March 5 purchase, 85 units from the March 18 purchase, and 125 units from the

March 25 purchase.

Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.

Weighted

Average

Units Sold at Retail

Specific ID

340 units @ $87.60 per unit

210 units @ $97.60 per unit

550 units