! 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 Activities March 5 Beginning inventory Purchase March 9 Sales March 18 March 25 March 29 Purchase Purchase Sales Totals Units Acquired at Cost 90 units @$50.80 per unit 220 units @ $55.80 per unit 80 units @ $60.80 per unit 140 units @ $62.80 per unit 530 units Units Sold at Retail 250 units @ $85.80 per unit 120 units @ $95.80 per unit 370 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 60 units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 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 Less: Cost of goods sold Gross profit
! 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 Activities March 5 Beginning inventory Purchase March 9 Sales March 18 March 25 March 29 Purchase Purchase Sales Totals Units Acquired at Cost 90 units @$50.80 per unit 220 units @ $55.80 per unit 80 units @ $60.80 per unit 140 units @ $62.80 per unit 530 units Units Sold at Retail 250 units @ $85.80 per unit 120 units @ $95.80 per unit 370 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 60 units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 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 Less: Cost of goods sold Gross profit
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 3AP
Related questions
Question
![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
March 25
March 29
Purchase
Purchase
Sales
Totals
Units Acquired at Cost
90 units @ $50.80 per unit
220 units @ $55.80 per unit
Units Sold at Retail
250 units @ $85.80 per unit
80 units @ $60.80 per unit
140 units @ $62.80 per unit
530 units
120 units @ $95.80 per unit
370 units
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 60
units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 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
Less: Cost of goods sold
Gross profit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa3be355a-008e-496d-a4f4-105c055c6a6c%2F5879db54-e15a-41c2-9662-db2f2fac014a%2F61h4l2_processed.jpeg&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
March 25
March 29
Purchase
Purchase
Sales
Totals
Units Acquired at Cost
90 units @ $50.80 per unit
220 units @ $55.80 per unit
Units Sold at Retail
250 units @ $85.80 per unit
80 units @ $60.80 per unit
140 units @ $62.80 per unit
530 units
120 units @ $95.80 per unit
370 units
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 60
units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 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
Less: Cost of goods sold
Gross profit
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