Required Information Problem 6-1A 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 Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Activities Problem 6-1A Part 4 Gross Margin Sales Less: Cost of goods sold Gross profit Units Acquired at Cost 100 units @ $51.00 per unit 225 units@ $56.00 per unit FIFO 85 units@ $61.00 per unit 150 units @ $63.00 per unit 560 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific Identification, the March 9 sale consisted of 65 units from beginning Inventory and 195 units from the March 5 purchase; the March 29 sale consisted of 45 units from the March 18 purchase and 85 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) LIFO Avg. Cost Units Sold at Retail Spec. ID 260 units@ $86.00 per unit 130 units @ $96.00 per unit 390 units
Required Information Problem 6-1A 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 Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Activities Problem 6-1A Part 4 Gross Margin Sales Less: Cost of goods sold Gross profit Units Acquired at Cost 100 units @ $51.00 per unit 225 units@ $56.00 per unit FIFO 85 units@ $61.00 per unit 150 units @ $63.00 per unit 560 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific Identification, the March 9 sale consisted of 65 units from beginning Inventory and 195 units from the March 5 purchase; the March 29 sale consisted of 45 units from the March 18 purchase and 85 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) LIFO Avg. Cost Units Sold at Retail Spec. ID 260 units@ $86.00 per unit 130 units @ $96.00 per unit 390 units
Chapter1: Financial Statements And Business Decisions
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Required information
Problem 6-1A Perpetual: Alternative cost flows LO P1
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[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 | Activities | Units Acquired at Cost | Units Sold at Retail | |||||||||
| Mar. | 1 | Beginning inventory | 100 | units | @ $51.00 per unit | |||||||
| Mar. | 5 | Purchase | 225 | units | @ $56.00 per unit | |||||||
| Mar. | 9 | Sales | 260 | units | @ $86.00 per unit | |||||||
| Mar. | 18 | Purchase | 85 | units | @ $61.00 per unit | |||||||
| Mar. | 25 | Purchase | 150 | units | @ $63.00 per unit | |||||||
| Mar. | 29 | Sales | 130 | units | @ $96.00 per unit | |||||||
| Totals | 560 | units | 390 | units | ||||||||
![Required Information
Problem 6-1A 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
Mar. 1 Beginning inventory
Mar. 5 Purchase
Mar. 9 Sales
Mar. 18 Purchase
Mar. 25 Purchase
Mar. 29 Sales
Totals
Activities
Problem 6-1A Part 4
Gross Margin
Sales
Less: Cost of goods sold
Gross profit
Units Acquired at Cost
100 units @ $51.00 per unit
225 units@ $56.00 per unit
FIFO
85 units@ $61.00 per unit
150 units @ $63.00 per unit
560 units
4. Compute gross profit earned by the company for each of the four costing methods. For specific Identification, the March 9 sale
consisted of 65 units from beginning Inventory and 195 units from the March 5 purchase; the March 29 sale consisted of 45 units from
the March 18 purchase and 85 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final
answers to nearest whole dollar.)
LIFO
Avg. Cost
Units Sold at Retail
Spec. ID
260 units @ $86.00 per unit
130 units@ $96.00 per unit
390 units](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff6f91fd2-a8f3-4a2e-bb42-a8593f8622b2%2F73592b0a-889b-4d81-8740-697e44571c95%2Fn90angc_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
Problem 6-1A 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
Mar. 1 Beginning inventory
Mar. 5 Purchase
Mar. 9 Sales
Mar. 18 Purchase
Mar. 25 Purchase
Mar. 29 Sales
Totals
Activities
Problem 6-1A Part 4
Gross Margin
Sales
Less: Cost of goods sold
Gross profit
Units Acquired at Cost
100 units @ $51.00 per unit
225 units@ $56.00 per unit
FIFO
85 units@ $61.00 per unit
150 units @ $63.00 per unit
560 units
4. Compute gross profit earned by the company for each of the four costing methods. For specific Identification, the March 9 sale
consisted of 65 units from beginning Inventory and 195 units from the March 5 purchase; the March 29 sale consisted of 45 units from
the March 18 purchase and 85 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final
answers to nearest whole dollar.)
LIFO
Avg. Cost
Units Sold at Retail
Spec. ID
260 units @ $86.00 per unit
130 units@ $96.00 per unit
390 units
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