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 220 units @ $53.48 per unit 285 units @ $58.40 per unit 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 125 units from beginning inventory, 255 units from the March 5 purchase, 105 units from the March 18 purchase, and 145 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) LIFO 145 units@ $63.48 per unit 270 units @ $65.40 per unit 920 units Weighted Average Units Sold at Retail 380 units @ $88.40 per unit 250 units @ $98.40 per unit 630 units Specific ID
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 220 units @ $53.48 per unit 285 units @ $58.40 per unit 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 125 units from beginning inventory, 255 units from the March 5 purchase, 105 units from the March 18 purchase, and 145 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) LIFO 145 units@ $63.48 per unit 270 units @ $65.40 per unit 920 units Weighted Average Units Sold at Retail 380 units @ $88.40 per unit 250 units @ $98.40 per unit 630 units Specific ID
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 3AP
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