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 @ $50 per unit @ $55 per unit 100 units 400 units 120 units 200 units 820 units LIFO e $60 per unit @ $62 per unit 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. Weighted Average Units Sold at Retail 420 units 160 units 580 units Specific ID @ $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 FIFO Units Acquired at Cost @ $50 per unit @ $55 per unit 100 units 400 units 120 units 200 units 820 units LIFO e $60 per unit @ $62 per unit 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. Weighted Average Units Sold at Retail 420 units 160 units 580 units Specific ID @ $85 per unit @ $95 per unit

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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