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 FIFO Units Acquired at Cost 60 units @ $50.20 per unit 205 units e $55.20 per unit LIFO 65 units@ $60.20 per unit @ $62.20 per unit 110 units 440 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 45 units from beginning inventory, 175 units from the March 5 purchase, 25 units from the March 18 purchase, and 65 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Weighted Average Units Sold at Retail Specific ID 220 units @ $85.20 per unit 90 units @ $95.20 per unit 310 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 FIFO Units Acquired at Cost 60 units @ $50.20 per unit 205 units e $55.20 per unit LIFO 65 units@ $60.20 per unit @ $62.20 per unit 110 units 440 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 45 units from beginning inventory, 175 units from the March 5 purchase, 25 units from the March 18 purchase, and 65 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Weighted Average Units Sold at Retail Specific ID 220 units @ $85.20 per unit 90 units @ $95.20 per unit 310 units
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Vinubhai
![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
Units Acquired at Cost
60 units @$50.20 per unit
205 units @ $55.20 per unit
LIFO
65 units @ $60.20 per unit
110 units @ $62.20 per unit
440 units
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 45
units from beginning inventory, 175 units from the March 5 purchase, 25 units from the March 18 purchase, and 65 units from the March
25 purchase.
Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.
Weighted
Average
Units Sold at Retail
Specific ID
220 units@ $85.20 per unit
90 units @ $95.20 per unit
310 units](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F64b77b36-d24a-4182-8f52-5a7071ef0481%2Fd13cc76f-9395-4517-9e31-d72124a4fbd3%2Fgfs1kmh_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
Units Acquired at Cost
60 units @$50.20 per unit
205 units @ $55.20 per unit
LIFO
65 units @ $60.20 per unit
110 units @ $62.20 per unit
440 units
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 45
units from beginning inventory, 175 units from the March 5 purchase, 25 units from the March 18 purchase, and 65 units from the March
25 purchase.
Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.
Weighted
Average
Units Sold at Retail
Specific ID
220 units@ $85.20 per unit
90 units @ $95.20 per unit
310 units
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