Required information [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 Purchase Purchase Sales Totals Sales Less: Cost of goods sold Gross profit FIFO Units Acquired at Cost $53.20 per unit $58.20 per unit LIFO 210 units 200 units 140 units 260 units 890 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 120 units from beginning inventory, 250 units from the March 5 purchase, 100 units from the March 18 purchase, and 140 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. $63.20 per unit $65.20 per unit Weighted Average Unita Sold at Retail 370 units $88.20 per unit Specific ID 240 unite# $98.20 per unit 610 unite
Required information [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 Purchase Purchase Sales Totals Sales Less: Cost of goods sold Gross profit FIFO Units Acquired at Cost $53.20 per unit $58.20 per unit LIFO 210 units 200 units 140 units 260 units 890 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 120 units from beginning inventory, 250 units from the March 5 purchase, 100 units from the March 18 purchase, and 140 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. $63.20 per unit $65.20 per unit Weighted Average Unita Sold at Retail 370 units $88.20 per unit Specific ID 240 unite# $98.20 per unit 610 unite
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Part 4 of 4
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Required information
[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
Purchase
Purchase
Sales
Totals
Sales
Less: Cost of goods sold
Gross profit
FIFO
Unita Acquired at Cost
210 units@ $53.20 per unit
200 units $58.20 per unit
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 120
units from beginning inventory, 250 units from the March 5 purchase, 100 units from the March 18 purchase, and 140 units from the
March 25 purchase.
Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.
LIFO
140 units $63.20 per unit
260 units @ $65.20 per unit
890 units
Weighted
Average
Units Sold at Retail
370 units $88.20 per unit
Specific ID
240 units # $98.20 per unit
610 units](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7fc7e87a-3422-4e4a-8d1f-cabfd1acbf31%2Fc850e698-1a28-4140-bcd7-c19a6538b709%2Fhpjeav8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:4
Part 4 of 4
Skipped
Required information
[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
Purchase
Purchase
Sales
Totals
Sales
Less: Cost of goods sold
Gross profit
FIFO
Unita Acquired at Cost
210 units@ $53.20 per unit
200 units $58.20 per unit
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 120
units from beginning inventory, 250 units from the March 5 purchase, 100 units from the March 18 purchase, and 140 units from the
March 25 purchase.
Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.
LIFO
140 units $63.20 per unit
260 units @ $65.20 per unit
890 units
Weighted
Average
Units Sold at Retail
370 units $88.20 per unit
Specific ID
240 units # $98.20 per unit
610 units
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