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 Sales Less: Cost of goods sold Gross profit Beginning inventory Purchase Sales Purchase Purchase Sales Totals FIFO Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit LIFO 80 units @ $60.80 per unit 140 units @ $62.80 per unit 530 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 60 units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Weighted Average Units Sold at Retail Specific ID 250 units @ $85.80 per unit 120 units @ $95.80 per unit 370 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 Sales Less: Cost of goods sold Gross profit Beginning inventory Purchase Sales Purchase Purchase Sales Totals FIFO Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit LIFO 80 units @ $60.80 per unit 140 units @ $62.80 per unit 530 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 60 units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Weighted Average Units Sold at Retail Specific ID 250 units @ $85.80 per unit 120 units @ $95.80 per unit 370 units
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Gadubhai
![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
Activities
Problem 6-1A (Algo) Part 4
Gross Margin
Beginning inventory
Purchase
Sales
Purchase
Purchase
Sales
Totals
Sales
Less: Cost of goods sold
Gross profit
FIFO
Units Acquired at Cost
90 units @ $50.80 per unit
220 units @ $55.80 per unit
LIFO
80 units @ $60.80 per unit
140 units @ $62.80 per unit
530 units.
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 60
units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the
March 25 purchase.
Note:Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.
Weighted
Average
Units Sold at Retail
Specific ID
250 units @ $85.80 per unit
120 units @ $95.80 per unit
370 units](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F47e232d1-c5f7-4dde-96ac-3baa577659dd%2Fa6e91647-aaef-45e1-968c-9b3a1e4721be%2Fn2mtjy7_processed.jpeg&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
Activities
Problem 6-1A (Algo) Part 4
Gross Margin
Beginning inventory
Purchase
Sales
Purchase
Purchase
Sales
Totals
Sales
Less: Cost of goods sold
Gross profit
FIFO
Units Acquired at Cost
90 units @ $50.80 per unit
220 units @ $55.80 per unit
LIFO
80 units @ $60.80 per unit
140 units @ $62.80 per unit
530 units.
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 60
units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the
March 25 purchase.
Note:Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.
Weighted
Average
Units Sold at Retail
Specific ID
250 units @ $85.80 per unit
120 units @ $95.80 per unit
370 units
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