Required information Problem 6-1A (Algo) Perpetual: Alternative cost flows LO P1 [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual 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 Gross Margin Activities Beginning inventory Purchase Sales Sales Less: Cost of goods sold Gross profit Purchase Purchase Sales Totals FIFO Units Acquired at Cost 140 units @ $51.80 per unit 245 units @ $56.80 per unit LIFO 105 units 190 units 680 units Problem 6-1A (Algo) Part 4 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 85 units from beginning inventory, 215 units from the March 5 purchase, 65 units from the March 18 purchase, and 105 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. @ $61.80 per unit @ $63.80 per unit Weighted Average Units Sold at Retail Specific ID 300 units @ $86.80 per unit 170 units @ $96.80 per unit 470 units
Required information Problem 6-1A (Algo) Perpetual: Alternative cost flows LO P1 [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual 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 Gross Margin Activities Beginning inventory Purchase Sales Sales Less: Cost of goods sold Gross profit Purchase Purchase Sales Totals FIFO Units Acquired at Cost 140 units @ $51.80 per unit 245 units @ $56.80 per unit LIFO 105 units 190 units 680 units Problem 6-1A (Algo) Part 4 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 85 units from beginning inventory, 215 units from the March 5 purchase, 65 units from the March 18 purchase, and 105 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. @ $61.80 per unit @ $63.80 per unit Weighted Average Units Sold at Retail Specific ID 300 units @ $86.80 per unit 170 units @ $96.80 per unit 470 units
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please help and give correct and complete answer with everything
![Required information
Problem 6-1A (Algo) Perpetual: Alternative cost flows LO P1
[The following information applies to the questions displayed below.]
Warnerwoods Company uses a perpetual 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
Gross Margin
Activities
Beginning inventory
Purchase
Sales
Sales
Less: Cost of goods sold
Gross profit
Purchase
Purchase
Sales
Totals
FIFO
Units Acquired at Cost
140 units @ $51.80 per unit
245 units @ $56.80 per unit
LIFO
105 units
190 units
680 units
Problem 6-1A (Algo) Part 4
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 85
units from beginning inventory, 215 units from the March 5 purchase, 65 units from the March 18 purchase, and 105 units from the
March 25 purchase.
Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.
@ $61.80 per unit
@ $63.80 per unit
Weighted
Average
Units Sold at Retail
Specific ID
300 units @ $86.80 per unit
170 units @ $96.80 per unit
470 units](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F33585e70-d5bb-448c-9bea-08463d79a361%2F0d8d4e11-ee85-41ec-8284-9ebdc9f6d8ad%2F2m9q5v_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
Problem 6-1A (Algo) Perpetual: Alternative cost flows LO P1
[The following information applies to the questions displayed below.]
Warnerwoods Company uses a perpetual 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
Gross Margin
Activities
Beginning inventory
Purchase
Sales
Sales
Less: Cost of goods sold
Gross profit
Purchase
Purchase
Sales
Totals
FIFO
Units Acquired at Cost
140 units @ $51.80 per unit
245 units @ $56.80 per unit
LIFO
105 units
190 units
680 units
Problem 6-1A (Algo) Part 4
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 85
units from beginning inventory, 215 units from the March 5 purchase, 65 units from the March 18 purchase, and 105 units from the
March 25 purchase.
Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.
@ $61.80 per unit
@ $63.80 per unit
Weighted
Average
Units Sold at Retail
Specific ID
300 units @ $86.80 per unit
170 units @ $96.80 per unit
470 units
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