Required InformationProblem 6-1A Perpetual: Alternative cost flows LO P1[The following information applies to the questions displayed below]Warnerwoods Company uses a perpetual Inventory system. It entered into the following purchases and sales transactionsfor March.DateActivitiesMar. 1 Beginning inventoryMar. 5 PurchaseMar9 SalesMar. 18 PurchaseMar. 25 PurchaseMar. 29 SalesTotalsProblem 6-1A Part 4Gross MarginSalesLess: Cost of goods soldGross profitUnits Acquired at Cost200 units@ $53.00 per unit275 units@ $58.00 per unitFIFO135 units@ $63.00 per unit250 units@ $65.00 per unit860 units4. Compute gross profit earned by the company for each of the four costing methods. For specific Identification, the March 9 saleconsisted of 115 units from beginning Inventory and 245 units from the March 5 purchase: the March 29 sale consisted of 95 units fromthe March 18 purchase and 135 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and finalanswers to nearest whole dollar.)LIFOAvg. CostUnits Sold at Retail360 units@ $88.00 per unit230 units@ $98.00 per unit590 unitsSpec. ID

The FIFO (first in first out) method is one of the methods used for the purpose of inventory…

4. Compute gross profit earned by the company for each of the four costing methods. For specific Identification, the March 9 sale consisted of 115 units from beginning Inventory and 245 units from the March 5 purchase; the March 29 sale consisted of 95 units from the March 18 purchase and 135 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)

4. Compute gross profit earned by the company for each of the four costing methods. For specific Identification, the March 9 sale consisted of 115 units from beginning Inventory and 245 units from the March 5 purchase; the March 29 sale consisted of 95 units from the March 18 purchase and 135 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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