Required information Problem 5-1A (Algo) Periodic: Alternative cost flows LO P1 [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 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 115 units @ $50 per unit 415 units @ $55 per unit 150 units @ $60 per unit 230 units @ $62 per unit 910 units Units Sold at Retail 435 units @ $85 per unit 190 units @ $95 per unit 625 units For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 385 units from the March 5 purchase; the March 29 sale consisted of 55 units from the March 18 purchase and 135 units from the March 25 purchase.
Required information Problem 5-1A (Algo) Periodic: Alternative cost flows LO P1 [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 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 115 units @ $50 per unit 415 units @ $55 per unit 150 units @ $60 per unit 230 units @ $62 per unit 910 units Units Sold at Retail 435 units @ $85 per unit 190 units @ $95 per unit 625 units For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 385 units from the March 5 purchase; the March 29 sale consisted of 55 units from the March 18 purchase and 135 units from the March 25 purchase.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Required information
Problem 5-1A (Algo) Periodic: Alternative cost flows LO P1
[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
March 5
March 9
March 18
March 25
March 291
Activities
Beginning inventory.
Purchase
Sales
Purchase
Purchase
Sales
Totals
Units Acquired at Cost
115 units $50 per unit
415 units@ $55 per unit
150 units @ $60 per unit
230 units @ $62 per unit
910 units
Units Sold at Retail
435 units @ $85 per unit
198 units @ $95 per unit
625 units
For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 385 units from the March 5
purchase; the March 29 sale consisted of 55 units from the March 18 purchase and 135 units from the March 25 purchase.

Transcribed Image Text:Problem 5-1A (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.
Sales
Less: Cost of goods sold
Gross profit
$
FIFO
0 $
LIFO
0
Weighted
Average
Specific
Identification
0 $
0
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