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 S 54,220 S Units Acquired at Cost @ $53.00 per unit @ $58.00 per unit. LIFO 200 units 275 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 115 units from beginning inventory, 245 units from the March 5 purchase, 95 units from the March 18 purchase, and 135 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) 54,220 135 units @ $63.00 per unit 250 units@ $65.00 per unit Answer is not complete. Weighted Average Specific ID S 54,220 $ 54,220 860 units Units Sold at Retail 360 units@ $88.00 per unit 230 units @ $98.00 per unit 590 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 S 54,220 S Units Acquired at Cost @ $53.00 per unit @ $58.00 per unit. LIFO 200 units 275 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 115 units from beginning inventory, 245 units from the March 5 purchase, 95 units from the March 18 purchase, and 135 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) 54,220 135 units @ $63.00 per unit 250 units@ $65.00 per unit Answer is not complete. Weighted Average Specific ID S 54,220 $ 54,220 860 units Units Sold at Retail 360 units@ $88.00 per unit 230 units @ $98.00 per unit 590 units

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 7MCQ

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Similar questions

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