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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Manjibhai
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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
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
@ $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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe0a01963-2a2e-4c17-bd39-2902cf0180a1%2F8429d6b7-da76-4f4d-a4f6-ea4292f97de1%2F8empokb_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
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
@ $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
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