! 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 transactio for March. Date March 1 March 5 Activities Beginning inventory Purchase Units Acquired at Cost Units Sold at Retail 100 units 400 units $50 per unit @ $55 per unit March 9 Sales 420 units @ $85 per unit March 18 Purchase 120 units March 25 March 29 Purchase Sales 200 units @ $60 per unit @ $62 per unit Totals 820 units 160 units @ $95 per unit 580 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold incl units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from March 25 purchase. Note: Round weighted average cost per unit to 2 decimal places. Gross Margin Sales Less: Cost of goods sold Gross profit FIFO LIFO Weighted Average Specific ID
! 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 transactio for March. Date March 1 March 5 Activities Beginning inventory Purchase Units Acquired at Cost Units Sold at Retail 100 units 400 units $50 per unit @ $55 per unit March 9 Sales 420 units @ $85 per unit March 18 Purchase 120 units March 25 March 29 Purchase Sales 200 units @ $60 per unit @ $62 per unit Totals 820 units 160 units @ $95 per unit 580 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold incl units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from March 25 purchase. Note: Round weighted average cost per unit to 2 decimal places. Gross Margin Sales Less: Cost of goods sold Gross profit FIFO LIFO Weighted Average Specific ID
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 perpetual inventory system. It entered into the following purchases and sales transactio
for March.
Date
March 1
March 5
Activities
Beginning inventory
Purchase
Units Acquired at Cost
Units Sold at Retail
100 units
400 units
$50 per unit
@ $55 per unit
March 9
Sales
420 units
@ $85 per unit
March 18
Purchase
120 units
March 25
March 29
Purchase
Sales
200 units
@ $60 per unit
@ $62 per unit
Totals
820 units
160 units @ $95 per unit
580 units
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold incl
units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from
March 25 purchase.
Note: Round weighted average cost per unit to 2 decimal places.
Gross Margin
Sales
Less: Cost of goods sold
Gross profit
FIFO
LIFO
Weighted Average
Specific ID](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fca5c631f-002e-40a4-ab19-a60852337bc3%2Fe09021a2-f358-4dde-acd7-689afeb601c1%2Fafs3uv_processed.png&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 transactio
for March.
Date
March 1
March 5
Activities
Beginning inventory
Purchase
Units Acquired at Cost
Units Sold at Retail
100 units
400 units
$50 per unit
@ $55 per unit
March 9
Sales
420 units
@ $85 per unit
March 18
Purchase
120 units
March 25
March 29
Purchase
Sales
200 units
@ $60 per unit
@ $62 per unit
Totals
820 units
160 units @ $95 per unit
580 units
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold incl
units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from
March 25 purchase.
Note: Round weighted average cost per unit to 2 decimal places.
Gross Margin
Sales
Less: Cost of goods sold
Gross profit
FIFO
LIFO
Weighted Average
Specific ID
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