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 Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Gross Margin Sales Less: Cost of goods sold Gross profit Units Acquired at Cost 100 units @ $57.00 per unit 400 units @ $62.00 per unit FIFO 120 units @ $67.00 per unit 200 units @ $69.00 per unit 820 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) LIFO Avg. Cost Units Sold at Retail Spec. ID 420 units @ $92.00 per unit 160 units@ $102.00 per unit 580 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 Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Gross Margin Sales Less: Cost of goods sold Gross profit Units Acquired at Cost 100 units @ $57.00 per unit 400 units @ $62.00 per unit FIFO 120 units @ $67.00 per unit 200 units @ $69.00 per unit 820 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) LIFO Avg. Cost Units Sold at Retail Spec. ID 420 units @ $92.00 per unit 160 units@ $102.00 per unit 580 units

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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