Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar.) FIFOLIFOWeighted AverageSpecific IdentificationSales Less: Cost of Goods Sold Gross Profit Side Note: Image 2 highlighted with pink (Table (c) Average Cost) is the only numbers/entries that are wrong and needs to be corrected. Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactionsfor March.ActivitiesUnits Acquired at Cost105 units @ $40 per unit405 units @ $45 per unitDateUnits Sold at Retail1 Beginning inventory5 Purchase9 Sales18 PurchaseMar.Mar.Mar.425 units @ $75 per unit130 units @ $50 per unit210 units @ $52 per unitMar.Mar.25 PurchaseMar. 29 Sales170 units @ $85 per unitTotals850 units595 unitsFor specific identification, the March 9 sale consisted of 70 units from beginning inventory and 355 units from the March 5purchase; the March 29 sale consisted of 45 units from the March 18 purchase and 125 units from the March 25 purchase. a) Periodic FIFOCost of Goods Available for SaleCost of Goods SoldEnding InventoryCost ofCost ofCost perunit# of unitssold# of units inendinginventoryGoodsCost perCost perunitEndingInventory# of unitsGoodsAvailableunitSoldfor SaleBeginning inventory105$ 40.00$ 4,20010540.004,2000.00Purchases:March 5405$ 45.0018,225405$ 45.0018,2250.00March 18130$ 50.006,5008550.004,2504550.002,250March 25210$ 52.0010,020210$ 52.0010,920Total850$ 39,845595$ 26,675255$ 13,170b) Periodic LIFOCost of Goods Available for SaleCost of Goods SoldEnding InventoryCost ofGoodsAvailableCost of# of units Cost perunit# of units inendinginventory# of unitsCost perCost perunitEndingInventoryGoodssoldunitSoldfor SaleBeginning inventory105$ 40.00$ 4,200105$ 40.00$ 4,200Purchases:March 5405$ 45.0018.225255$ 45.0011,47515045.006,750March 18130$ 50.006,500130$ 50.006,500March 25210$ 52.0010,920210$ 52.0010,920Total850$ 39,845595$ 28,895255$ 10,950c) Average CostCost of Goods Available for SaleCost of Goods SoldEnding InventoryCost ofAverage# of units Cost perunitAverageCost perCost of# of unitssold# of units inendinginventoryAverageCost perunitGoodsEndingInventoryGoodsAvailableUnitSoldfor SaleBeginning inventory1054,200Purchases:March 540518,225March 181306,500March 2521010,920Total850$ 48.88$ 39,845595$ 27,525255 S 48.31$ 12,319d) Specific IdentificationCost of Goods Available for SaleCost of Goods SoldEnding InventoryCost ofCost ofGoodsSold# of units inCost perunit# of unitsCost perCost perunitGoodsEndingInventory# of unitsendinginventoryAvailablesoldunitfor SaleBeginning inventory10540.00$ 4,2007040.002,8003540.001,400Purchases:March 5405$ 45.0018,22535545.0015,97550$ 45.002,250March 18130$ 50.006,50045$ 50.002,2508550.004,2504,420$ 12,320March 2521052.0010,020125S 52.006,50085$ 52.00Total850$ 39,845595$ 27,525255

(A) Periodic FIFO Cost of Goods Available for sale Cost of Goods Sold Ending Inventory…

Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar.) FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of Goods Sold Gross Profit Side Note: Image 2 highlighted with pink (Table (c) Average Cost) is the only numbers/entries that are wrong and needs to be corrected.

Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar.) FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of Goods Sold Gross Profit Side Note: Image 2 highlighted with pink (Table (c) Average Cost) is the only numbers/entries that are wrong and needs to be corrected.

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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Hi thank you for your assiatance.When I submit the answer for the attached I asked over here yesterday. 3. Determine the share of the cost of goods available for sale calculated in Part 1 that should be assigned to ending inventory and to goods sold under: (Do not round the intermediate calculations and round the final answers to nearest whole dollar.) FIFO : Cost of goods sold $6988.00 is incorrect? can you please help why.
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