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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. Sales Less: Cost of goods sold Gross profit S FIFO 0 $ LIFO Weighted Average 0 S Specific Identification 0 $ 0

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. Sales Less: Cost of goods sold Gross profit S FIFO 0 $ LIFO Weighted Average 0 S Specific Identification 0 $ 0

FINANCIAL ACCOUNTING
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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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 $ FIFO Units Acquired at Cost 135 units @ $70 per unit 435 units @ $75 per unit 0 $ 190 units 270 units 1,030 units For specific identification, units sold include 80 units from beginning inventory, 375 units from the March 5 purchase. 75 units from the March 18 purchase, and 155 units from the March 25 purchase. LIFO 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. @ $80 per unit @ $82 per unit Weighted Average 0 S Specific Identification Units Sold at Retail 0 $ 455 units @ $105 per unit 0 230 units @ $115 per unit 685 units
Transcribed Image Text: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 $ FIFO Units Acquired at Cost 135 units @ $70 per unit 435 units @ $75 per unit 0 $ 190 units 270 units 1,030 units For specific identification, units sold include 80 units from beginning inventory, 375 units from the March 5 purchase. 75 units from the March 18 purchase, and 155 units from the March 25 purchase. LIFO 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. @ $80 per unit @ $82 per unit Weighted Average 0 S Specific Identification Units Sold at Retail 0 $ 455 units @ $105 per unit 0 230 units @ $115 per unit 685 units
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