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
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 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 @ $60 per unit
200 units $62 per unit
LIFO
820 units
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
Units Sold at Retail
Weighted
Average
420 units $85 per unit.
Specific
Identification
160 units $95 per unit
580 units](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc4ca2c91-4d48-4077-ab86-8060797f3ea5%2Fb443f3ab-5ad8-4c3e-a643-9095e88b2914%2F8vm2fee_processed.jpeg&w=3840&q=75)
Transcribed Image Text:0
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 @ $60 per unit
200 units $62 per unit
LIFO
820 units
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
Units Sold at Retail
Weighted
Average
420 units $85 per unit.
Specific
Identification
160 units $95 per unit
580 units
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