Required Information[The following information applies to the questions displayed below.]Wernerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactionsfor March.ActivitiesUnits Sold at RetailUnits Acquired at Cost100 units e $67.00 per unit400 units e $72.00 per unitDate1 Beginning iventoryMar.Mar. 5 PurchaseMar, 9 SalesMar. 18 PurchaseMar. 25 PurchaseMar. 29 Sales428 units e $182.00 per unit120 units e $77.00 per unit200 units e $79.00 per unit168 unitse $112.80 per unitTotals82e units588 units4. Compute gross profit esmed by the company for each of the four costing methods. For specific identification, the March 9 saleconsisted of 80 units from beginning inventory and 340 units from the March 5 purchese; the March 29 sale consisted of 40 units fromthe March 18 purchase and 120 units from the March 25 purchose. (Round welghted average cost per unit to two decimals and finalanswers to nearest whole dollar.)Gross MarginFIFOLIFOAvg. CosetSpec. IDSalesLess: Cost of goods soldGross profit

GROSS MARGIN Gross Margin FIFO LIFO Avg. Cost Spec. ID. Sales $ 60,760 $ 60,760 $…

Required Information [The following informetion applies to the questions displayed belowj Wermenwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transections for March. Date Activities Units sold at ketail Units Acquired at Cost 100 units e s67.00 per unit 400 units e s72.00 per unit Mar. 1 Beginning inventory Mar. S Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 420 units e s102.00 per unit 120 unitse $7.00 per unit 200 unitse $79.00 per unit 160 unitse s112.00 per unit Totals 820 units s8e units 4. Compute gross profit eamed by the company for each of the four costing methods. 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. (Round welghted average cost per unit to two decimals and final answers to nearest whole dollar.)

Required Information [The following informetion applies to the questions displayed belowj Wermenwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transections for March. Date Activities Units sold at ketail Units Acquired at Cost 100 units e s67.00 per unit 400 units e s72.00 per unit Mar. 1 Beginning inventory Mar. S Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 420 units e s102.00 per unit 120 unitse $7.00 per unit 200 unitse $79.00 per unit 160 unitse s112.00 per unit Totals 820 units s8e units 4. Compute gross profit eamed by the company for each of the four costing methods. 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. (Round welghted average cost per unit to two decimals and final answers to nearest whole dollar.)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...

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