Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactionsfor March.DateMarch 1ActivitiesUnits Acquired at Cost100 units400 unitsUnits Sold at RetailMarch 5March 9Beginning inventoryPurchaseSales@ $50 per unit@ $55 per unit420 units @ $85 per unitMarch 18March 25@ $60 per unit@ $62 per unitPurchase120 units200 unitsPurchaseMarch 29Sales160 units@ $95 per unitTotals820 units580 unitsProblem 5-1A (Static) Part 44. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from theMarch 25 purchase. (Round weighted average cost per unit to 2 decimal places.)Gross MarginFIFOLIFOWeighted AverageSpecific IDSalesLess: Cost of goods soldGross profit

Under FIFO Method, units which comes in first will be sold first and the inventory will be out of…

4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. (Round weighted average cost per unit to 2 decimal places.) Gross Margin FIFO LIFO Weighted Average Specific ID Sales Less: Cost of goods sold Gross profit

4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. (Round weighted average cost per unit to 2 decimal places.) Gross Margin FIFO LIFO Weighted Average Specific ID Sales Less: Cost of goods sold Gross profit

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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please solve with the FIFO method ( question 2)