Ll.97. 0Required information[The following information applies to the questions displayed below.]Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions.for March.DateMarch 1March 5March 9March 18March 25March 29ActivitiesBeginning inventoryPurchaseSalesPurchasePurchaseSalesTotalsSalesLess: Cost of goods soldGross profitUnits Acquired at Cost100 units @ $50 per unit400 units @ $55 per unitFIFO120 units @ $60 per unit200 units $62 per unitLIFO820 unitsFor specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.4. Compute gross profit earned by the company for each of the four costing methods.Note: Round your average cost per unit to 2 decimal places and final answers to nearest wholeUnits Sold at RetailWeightedAverage420 units $85 per unit.SpecificIdentification160 units $95 per unit580 units

Inventory: It is the goods and material a business hold to sell. There are two methods for recording…

Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic 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 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Sales Less: Cost of goods sold Gross profit Units Acquired at Cost 100 units@ $50 per unit 400 units $55 per unit FIFO 120 units 200 units LIFO 820 units $60 per unit $62 per unit 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. 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar. Units Sold at Retail Weighted Average 420 units $85 per unit Specific Identification 160 units $95 per unit 580 units

Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic 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 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Sales Less: Cost of goods sold Gross profit Units Acquired at Cost 100 units@ $50 per unit 400 units $55 per unit FIFO 120 units 200 units LIFO 820 units $60 per unit $62 per unit 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. 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar. Units Sold at Retail Weighted Average 420 units $85 per unit Specific Identification 160 units $95 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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