S Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Activities Beginning inventory Purchase March 9 Sales March 18 March 25 Purchase Purchase Units Acquired at Cost 115 units @ $50 per unit 415 units @ $55 per unit 150 units @ $60 per unit 230 units @ $62 per unit Units Sold at Retail 435 units @ $85 per unit March 29 Sales Totals 910 units 190 units @ $95 per unit 625 units For specific identification, units sold include 50 units from beginning inventory, 385 units from the March 5 purchase, 55 units from the March 18 purchase, and 135 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. FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0
S Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Activities Beginning inventory Purchase March 9 Sales March 18 March 25 Purchase Purchase Units Acquired at Cost 115 units @ $50 per unit 415 units @ $55 per unit 150 units @ $60 per unit 230 units @ $62 per unit Units Sold at Retail 435 units @ $85 per unit March 29 Sales Totals 910 units 190 units @ $95 per unit 625 units For specific identification, units sold include 50 units from beginning inventory, 385 units from the March 5 purchase, 55 units from the March 18 purchase, and 135 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. FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![es
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions
for March.
Date
March 1
Activities
March 5
Beginning inventory
Purchase
March 9
Sales
March 18
March 25
Purchase
Purchase
March 29
Sales
Totals
Units Acquired at Cost
115 units @ $50 per unit
415 units @ $55 per unit
150 units @$60 per unit
230 units @ $62 per unit
910 units.
Units Sold at Retail
435 units @ $85 per unit
190 units @ $95 per unit
625 units
For specific identification, units sold include 50 units from beginning inventory, 385 units from the March 5 purchase, 55
units from the March 18 purchase, and 135 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.
FIFO
LIFO
Weighted
Average
Specific
Identification
Sales
Less: Cost of goods sold
Gross profit
$
0 $
0 $
0 $
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9e3bff2e-eafb-4d0f-aed2-d325999adad9%2Fb6ae71d1-247d-4a52-982e-698c1d2753a1%2Ftu84dyi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:es
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions
for March.
Date
March 1
Activities
March 5
Beginning inventory
Purchase
March 9
Sales
March 18
March 25
Purchase
Purchase
March 29
Sales
Totals
Units Acquired at Cost
115 units @ $50 per unit
415 units @ $55 per unit
150 units @$60 per unit
230 units @ $62 per unit
910 units.
Units Sold at Retail
435 units @ $85 per unit
190 units @ $95 per unit
625 units
For specific identification, units sold include 50 units from beginning inventory, 385 units from the March 5 purchase, 55
units from the March 18 purchase, and 135 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.
FIFO
LIFO
Weighted
Average
Specific
Identification
Sales
Less: Cost of goods sold
Gross profit
$
0 $
0 $
0 $
0
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