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. Units Acquired at Cost 140 unitse $51.80 per unit 245 units@ $56.80 per unit Activities Units Sold at Retait Date Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 300 unitse s86.80 per unit 105 units @ $61.80 per unit 190 units@ $63.80 per unit 170 unitse s96.80 per unit 470 units Totals 680 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 85 units from beginning inventory and 215 units from the March 5 purchase; the March 29 sale consisted of 65 units from the March 18 purchase and 105 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final
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. Units Acquired at Cost 140 unitse $51.80 per unit 245 units@ $56.80 per unit Activities Units Sold at Retait Date Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 300 unitse s86.80 per unit 105 units @ $61.80 per unit 190 units@ $63.80 per unit 170 unitse s96.80 per unit 470 units Totals 680 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 85 units from beginning inventory and 215 units from the March 5 purchase; the March 29 sale consisted of 65 units from the March 18 purchase and 105 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final
Chapter1: Financial Statements And Business Decisions
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
Transcribed Image Text: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.
Units Acquired at Cost
140 unitse $51.80 per unit
245 units @ $56.80 per unit
Units Sold at Retail
Date
Mar. 1 Beginning inventory
Mar. 5 Purchase
Mar. 9 Sales
Mar. 18 Purchase
Mar. 25 Purchase
Activities
300 unitse s86.80 per unit
105 units @ s61.80 per unit
190 units@ s63.80 per unit
170 unitse s96.80 per unit
470 units
Mar. 29 Sales
Totals
680 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 85 units from beginning inventory and 215 units from the March 5 purchase; the March 29 sale consisted of 65 units from
the March 18 purchase and 105 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final
answers to nearest whole dollar.)
Gross Margin
FIFO
LIFO
Avg. Cost
Spec. ID
Sales
Less: Cost of goods sold
Gross profit
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