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 Activities March 1 March 5 Beginning inventory Purchase March 9 Sales March 18 Purchase March 25 Purchase March 29 Sales Totals Units Acquired at Cost 70 units @ $50.40 per unit 210 units @ $55.40 per unit 70 units @$60.40 per unit 120 units @ $62.40 per unit Units Sold at Retail 230 units @ $85.40 per unit 470 units 100 units @ $95.40 per unit 330 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 50 units from beginning inventory, 180 units from the March 5 purchase, 30 units from the March 18 purchase, and 70 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Gross Margin FIFO LIFO Weighted Average Specific ID Sales
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 Activities March 1 March 5 Beginning inventory Purchase March 9 Sales March 18 Purchase March 25 Purchase March 29 Sales Totals Units Acquired at Cost 70 units @ $50.40 per unit 210 units @ $55.40 per unit 70 units @$60.40 per unit 120 units @ $62.40 per unit Units Sold at Retail 230 units @ $85.40 per unit 470 units 100 units @ $95.40 per unit 330 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 50 units from beginning inventory, 180 units from the March 5 purchase, 30 units from the March 18 purchase, and 70 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Gross Margin FIFO LIFO Weighted Average Specific ID Sales
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
Activities
March 1
March 5
Beginning inventory
Purchase
March 9
Sales
March 18
Purchase
March 25
Purchase
March 29
Sales
Totals
Units Acquired at Cost
70 units @ $50.40 per unit
210 units @ $55.40 per unit
70 units @$60.40 per unit
120 units @ $62.40 per unit
Units Sold at Retail
230 units @ $85.40 per unit
470 units
100 units @ $95.40 per unit
330 units
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 50
units from beginning inventory, 180 units from the March 5 purchase, 30 units from the March 18 purchase, and 70 units from the
March 25 purchase.
Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.
Gross Margin
FIFO
LIFO
Weighted
Average
Specific ID
Sales](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F72187745-fa86-44e6-9095-f97b70706a58%2F056f1bfc-5bc7-4069-99a1-7b3ad1bd45a8%2Fuqmdrrr_processed.png&w=3840&q=75)
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.
Date
Activities
March 1
March 5
Beginning inventory
Purchase
March 9
Sales
March 18
Purchase
March 25
Purchase
March 29
Sales
Totals
Units Acquired at Cost
70 units @ $50.40 per unit
210 units @ $55.40 per unit
70 units @$60.40 per unit
120 units @ $62.40 per unit
Units Sold at Retail
230 units @ $85.40 per unit
470 units
100 units @ $95.40 per unit
330 units
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 50
units from beginning inventory, 180 units from the March 5 purchase, 30 units from the March 18 purchase, and 70 units from the
March 25 purchase.
Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.
Gross Margin
FIFO
LIFO
Weighted
Average
Specific ID
Sales
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