ed!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 transactionsfor March.DateMarch 1March 5March 9March 18March 25March 29Gross MarginActivitiesBeginning inventoryPurchaseSalesSalesLess: Cost of goods soldGross profitPurchasePurchaseSalesTotalsSSFIFO50,90031,80019,100$Units Acquired at Cost@ $50 per unit@ $55 per unit100 units400 units120 units200 units820 units4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80units from beginning Inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from theMarch 25 purchase.Note: Round weighted average cost per unit to 2 decimal places.LIFO@ $60 per unit@ $62 per unit50,900 S32,92017,980 SWeightedAverage50,900 S32,24818,652 S420 unitsUnits Sold at Retail160 units580 unitsSpecific ID50,90032,54018,360@ $85 per unit@$95 per unit

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 S S FIFO 50,900 s 31,800 19,100 Units Acquired at Cost @ $50 per unit @ $55 per unit 100 units 400 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific Identification, units sold include 80 units from beginning Inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. Note: Round weighted average cost per unit to 2 decimal places. 120 units 200 units 820 units LIFO @ $60 per unit @ $62 per unit 50,900 32,920 17,980 Weighted Average 50,900 S 32,248 18,652 420 units @ $85 per unit Units sold at Retail 160 units @ $95 per unit 580 units Specific ID 50,900 32,540 18,360

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 S S FIFO 50,900 s 31,800 19,100 Units Acquired at Cost @ $50 per unit @ $55 per unit 100 units 400 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific Identification, units sold include 80 units from beginning Inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. Note: Round weighted average cost per unit to 2 decimal places. 120 units 200 units 820 units LIFO @ $60 per unit @ $62 per unit 50,900 32,920 17,980 Weighted Average 50,900 S 32,248 18,652 420 units @ $85 per unit Units sold at Retail 160 units @ $95 per unit 580 units Specific ID 50,900 32,540 18,360

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information Skip to question [The following information applies to the questions displayed below.] Collier Co. uses a perpetual inventory system. It entered into the following purchases and sales transactions for April. Date Activities Units Acquired at Cost Units Sold at Retail April 1 Beginning inventory 100 units @ $51.00 per unit April 4 Purchase 225 units @ $56.00 per unit April 8 Sales 260 units @ $86.00 per unit April 17 Purchase 85 units @ $61.00 per unit April 24 Purchase 150 units @ $63.00 per unit April 28 Sales 130 units @ $96.00 per unit Totals 560 units 390 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, and (c) weighted average.
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