[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 80 units @ $50.68 per unit 215 units @ $55.68 per unit LIFO 75 units @ $60.60 per unit 130 units @ $62.60 per unit 500 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 55 units from beginning inventory, 185 units from the March 5 purchase, 35 units from the March 18 purchase, and 75 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 240 units @ $85.60 per unit 110 units @ $95.60 per unit 350 units

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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[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 11
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
80 units @ $50.68 per unit
215 units @ $55.68 per unit
LIFO
75 units @ $60.60 per unit
130 units @ $62.68 per unit
500 units
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 55
units from beginning inventory, 185 units from the March 5 purchase, 35 units from the March 18 purchase, and 75 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
< Prev
Specific ID
Co
of 7
Units Sold at Retail
240 units @ $85.60 per unit
110 units @ $95.60 per unit
350 units
Next >
Help
S
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 11 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 80 units @ $50.68 per unit 215 units @ $55.68 per unit LIFO 75 units @ $60.60 per unit 130 units @ $62.68 per unit 500 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 55 units from beginning inventory, 185 units from the March 5 purchase, 35 units from the March 18 purchase, and 75 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 < Prev Specific ID Co of 7 Units Sold at Retail 240 units @ $85.60 per unit 110 units @ $95.60 per unit 350 units Next > Help S
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