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 Sales Less: Cost of goods sold Gross profit Beginning inventory Purchase Sales Purchase Purchase Sales Totals FIFO Units Acquired at Cost 110 units @ $51.20 per unit 230 units @ $56.20 per unit LIFO 90 units @ $61.20 per unit 160 units @ $63.20 per unit 590 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 70 units from beginning inventory, 200 units from the March 5 purchase, 50 units from the March 18 purchase, and 90 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 270 units @ $86.20 per unit 140 units @ $96.20 per unit 410 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 Sales Less: Cost of goods sold Gross profit Beginning inventory Purchase Sales Purchase Purchase Sales Totals FIFO Units Acquired at Cost 110 units @ $51.20 per unit 230 units @ $56.20 per unit LIFO 90 units @ $61.20 per unit 160 units @ $63.20 per unit 590 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 70 units from beginning inventory, 200 units from the March 5 purchase, 50 units from the March 18 purchase, and 90 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 270 units @ $86.20 per unit 140 units @ $96.20 per unit 410 units
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
Sales
Less: Cost of goods sold
Gross profit
Beginning inventory
Purchase
Sales
Purchase
Purchase
Sales
Totals
FIFO
Units Acquired at Cost
110 units @ $51.20 per unit
230 units @ $56.20 per unit
LIFO
90 units @ $61.20 per unit
160 units @ $63.20 per unit
590 units
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 70
units from beginning inventory, 200 units from the March 5 purchase, 50 units from the March 18 purchase, and 90 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
270 units @ $86.20 per unit
140 units @ $96.20 per unit
410 units](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3322df5d-c36c-400e-885e-17957d5cdddf%2F9477cd67-6789-4347-9b6d-f679e75498f4%2F2rgwefu_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
Sales
Less: Cost of goods sold
Gross profit
Beginning inventory
Purchase
Sales
Purchase
Purchase
Sales
Totals
FIFO
Units Acquired at Cost
110 units @ $51.20 per unit
230 units @ $56.20 per unit
LIFO
90 units @ $61.20 per unit
160 units @ $63.20 per unit
590 units
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 70
units from beginning inventory, 200 units from the March 5 purchase, 50 units from the March 18 purchase, and 90 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
270 units @ $86.20 per unit
140 units @ $96.20 per unit
410 units
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