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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 LIFO 80 units 215 units 75 units 130 units 500 units @ $50.60 per unit @$55.60 per unit 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 55 units from beginning inventory, 185 units from the March 5 purchase, 35 units from the March 18 purchase, and 75 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Weighted Average @$60.60 per unit @ $62.60 per unit Units Sold at Retail. Specific ID 240 units@ $85.60 per unit 110 units@ $95.60 per unit 350 units

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 LIFO 80 units 215 units 75 units 130 units 500 units @ $50.60 per unit @$55.60 per unit 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 55 units from beginning inventory, 185 units from the March 5 purchase, 35 units from the March 18 purchase, and 75 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Weighted Average @$60.60 per unit @ $62.60 per unit Units Sold at Retail. Specific ID 240 units@ $85.60 per unit 110 units@ $95.60 per unit 350 units

FINANCIAL ACCOUNTING
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 [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 80 units @ $50.60 per unit 215 units@ $55.60 per unit LIFO 75 units @ $60.60 per unit 130 units @ $62.60 per unit 500 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 55 units from beginning inventory, 185 units from the March 5 purchase, 35 units from the March 18 purchase, and 75 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Weighted Average Units Sold at Retail Specific ID 240 units @ $85.60 per unit 110 units @ $95.60 per unit 350 units
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 80 units @ $50.60 per unit 215 units@ $55.60 per unit LIFO 75 units @ $60.60 per unit 130 units @ $62.60 per unit 500 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 55 units from beginning inventory, 185 units from the March 5 purchase, 35 units from the March 18 purchase, and 75 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Weighted Average Units Sold at Retail Specific ID 240 units @ $85.60 per unit 110 units @ $95.60 per unit 350 units
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