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

Warnerwoods Company uses a periodic 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

Activities

Beginning inventory

Purchase

Sales

Purchase

Purchase

Sales

Totals

Sales

Less: Cost of goods sold

Gross profit

$

$

For specific identification, units sold include 90 units from beginning inventory, 400 units from the March 5 purchase, 110

units from the March 18 purchase, and 190 units from the March 25 purchase.

FIFO

Units Acquired at Cost

170 units @ $60 per unit

470 units @ $65 per unit

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

Note: Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar.

78,050 $

51,250

26,800 $

260 units @ $70 per unit

340 units @ $72 per unit

1,240 units

LIFO

Weighted Specific

Average Identification

78,050 $

55,030

23,020 $

78,050

53,151

24,899 $

$

Units Sold at Retail

490 units @ $95 per unit

78,050

52,780

25,270

300 units @ $105 per unit

790 units