0 Required information Problem 5-1A (Algo) Perpetual: Alternative cost flows LO P3 [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 91 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 160 units @ $52.20 per unit 255 units@ $57.20 per unit 115 units@ $62.20 per unit 210 units@ $64.20 per unit Problem 5-1A (Algo) Part 4 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 95 units from beginning inventory, 225 units from the March 5 purchase, 75 units from the March 18 purchase, and 115 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) LIFO 740 units Weighted Average Units Sold at Retail Specific ID 320 units @ $87.20 per unit 190 units @ $97.20 per unit 510 units
0 Required information Problem 5-1A (Algo) Perpetual: Alternative cost flows LO P3 [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 91 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 160 units @ $52.20 per unit 255 units@ $57.20 per unit 115 units@ $62.20 per unit 210 units@ $64.20 per unit Problem 5-1A (Algo) Part 4 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 95 units from beginning inventory, 225 units from the March 5 purchase, 75 units from the March 18 purchase, and 115 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) LIFO 740 units Weighted Average Units Sold at Retail Specific ID 320 units @ $87.20 per unit 190 units @ $97.20 per unit 510 units
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Jaydip
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Required information.
Problem 5-1A (Algo) Perpetual: Alternative cost flows LO P3
[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 11
March 5
March 9
March 18.
March 25
March 29
Gross Margin
Activities
Beginning inventory
Purchase
Sales
Purchase
Purchase
Sales
Totals
Sales
Less: Cost of goods sold
Gross profit
FIFO
Units Acquired at Cost
160 units @ $52.20 per unit
255 units @ $57.20 per unit
LIFO
115 units @ $62.20 per unit
210 units@ $64.20 per unit
740 units
Problem 5-1A (Algo) Part 4
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 95
units from beginning inventory, 225 units from the March 5 purchase, 75 units from the March 18 purchase, and 115 units from the
March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)
Weighted
Average
Units Sold at Retail.
Specific ID
320 units @ $87.20 per unit
190 units @ $97.20 per unit
510 units
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