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 Sales Less: Cost of goods sold Gross profit Purchase Purchase Sales Totals. Units Acquired at Cost 130 units @ $65 per unit 430 units @ $70 per unit FIFO 180 units @ $75 per unit 260 units @ $77 per unit 1,000 units LIFO For specific identification, units sold include 70 units from beginning inventory, 380 units from the March 5 purchase, 70 units from the March 18 purchase, and 150 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 450 units @ $100 per unit Specific Identification 220 units @ $110 per unit 670 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 Sales Less: Cost of goods sold Gross profit Purchase Purchase Sales Totals. Units Acquired at Cost 130 units @ $65 per unit 430 units @ $70 per unit FIFO 180 units @ $75 per unit 260 units @ $77 per unit 1,000 units LIFO For specific identification, units sold include 70 units from beginning inventory, 380 units from the March 5 purchase, 70 units from the March 18 purchase, and 150 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 450 units @ $100 per unit Specific Identification 220 units @ $110 per unit 670 units
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Urmilaben
![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
130 units @ $65 per unit
430 units @ $70 per unit
FIFO
180 units @ $75 per unit
260 units @ $77 per unit
1,000 units
LIFO
For specific identification, units sold include 70 units from beginning inventory, 380 units from the March 5 purchase, 70
units from the March 18 purchase, and 150 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
450 units @ $100 per unit
Specific
Identification
220 units @ $110 per unit
670 units](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6180c222-579c-4bcd-8566-2598c6065bb7%2Fbf1d9191-f7d4-4a01-8458-afabaa6d900f%2F6hsupm_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
130 units @ $65 per unit
430 units @ $70 per unit
FIFO
180 units @ $75 per unit
260 units @ $77 per unit
1,000 units
LIFO
For specific identification, units sold include 70 units from beginning inventory, 380 units from the March 5 purchase, 70
units from the March 18 purchase, and 150 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
450 units @ $100 per unit
Specific
Identification
220 units @ $110 per unit
670 units
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