ers 4-5 iSavedHelpSave & ExitSubmit[The following information applies to the questions displayed below.]Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and salestransactions for March.DateActivitiesUnits Acquired at Cost110 units@ $51.20 per unit230 units@ $56.20 per unitTonitSold at RetailMar. 1 Beginning inventoryMar. 5 PurchaseMar. 9 SalesMar. 18 Purchase270 units@ $86.20 per unit90 units@ $61.20 per unit160 units@ $63.20 per unitMar. 25 PurchaseMar. 29 Sales140 units@ $96.20 per unitTotals590 units410 units4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9sale consisted of 70 units from beginning inventory and 200 units from the March 5 purchase; the March 29 sale consisted of50 units from the March 18 purchase and 90 units from the March 25 purchase. (Round weighted average cost per unit to twodecimals and final answers to nearest whole dollar.)Gross MarginFIFOLIFOAvg. CostSpec. IDSalesLess: Cost of goods soldGross profitNextPrey20of 20111

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Description: ers 4-5 iSavedHelpSave & ExitSubmit[The following information applies to the questions displayed below.]Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and salestransactions for March.DateActivitiesUnit

The FIFO method stands for First in first out, where older inventory is sold first. The LIFO method…

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4-5 Saved Help Save & Exit Submit [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the folowing purchases and sales transactions for March. Activities Sold at Retail Units Acquired at Cost 110 units@ $51.20 per unit 230 units@ $56.20 per unit Date Mar. 1 Beginning inventory 5 Purchase 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Mar. Mar. 270nits@ $86.20 per unit 90 units@ $61.20 per unit 160 units@ $63.20 per unit 140 units@ $96.20 per unit 590 units 410 units Totals

4-5 Saved Help Save & Exit Submit [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the folowing purchases and sales transactions for March. Activities Sold at Retail Units Acquired at Cost 110 units@ $51.20 per unit 230 units@ $56.20 per unit Date Mar. 1 Beginning inventory 5 Purchase 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Mar. Mar. 270nits@ $86.20 per unit 90 units@ $61.20 per unit 160 units@ $63.20 per unit 140 units@ $96.20 per unit 590 units 410 units Totals

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.4.1P: Inventory by three cost flow methods Details regarding the inventory of appliances on January 1,...

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