Problem 5-2AA (Algo) Periodic: Alternative cost flows LO P3 [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 Units Sold at Retail March S Activities Beginning inventory Purchase Units Acquired at Cost 190 units 490 units March 9 Sales March 18 March 25 Purchase Purchase 300 units 380 units @$80 per unit @$85 per unit @$90 per unit @ $92 per unit 510 units @ $115 per unit March 29 Sales Totals 1,360 units 340 units $125 per unit 850 units For specific identification, units sold include 50 units from beginning inventory, 460 units from the March 5 purchase, 130 units from the March 18 purchase, and 210 units from the March 25 purchase. Problem 5-2AA (Algo) Part 4 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. FIFO LIFO Weighted Specific Average Identification Sales Less: Cost of goods sold Gross profit S 0 $ O S 0 S 10

Problem 5-2AA (Algo) Periodic: Alternative cost flows LO P3 [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 Units Sold at Retail March S Activities Beginning inventory Purchase Units Acquired at Cost 190 units 490 units March 9 Sales March 18 March 25 Purchase Purchase 300 units 380 units @$80 per unit @$85 per unit @$90 per unit @ $92 per unit 510 units @ $115 per unit March 29 Sales Totals 1,360 units 340 units $125 per unit 850 units For specific identification, units sold include 50 units from beginning inventory, 460 units from the March 5 purchase, 130 units from the March 18 purchase, and 210 units from the March 25 purchase. Problem 5-2AA (Algo) Part 4 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. FIFO LIFO Weighted Specific Average Identification Sales Less: Cost of goods sold Gross profit S 0 $ O S 0 S 10

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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