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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 Sales Less Cost of goods sold Gross profit Purchase Purchase. Sales Totals FIFO Units Acquired at Cost e $50 per unit $55 per unit 50,900 $ 100 units 400 units 120 units 200 units 820 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 unas from the March 25 purchase. (Round weighted average cost per unit to 2 decimal places.) 160 per unit $62 per unit LIFO Weighted Average 50.900 50,900 $ Units Sold at Retail 420 units @ $85 per unit S 160 units 580 units Specific ID $95 per unit 50.900

[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 Sales Less Cost of goods sold Gross profit Purchase Purchase. Sales Totals FIFO Units Acquired at Cost e $50 per unit $55 per unit 50,900 $ 100 units 400 units 120 units 200 units 820 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 unas from the March 25 purchase. (Round weighted average cost per unit to 2 decimal places.) 160 per unit $62 per unit LIFO Weighted Average 50.900 50,900 $ Units Sold at Retail 420 units @ $85 per unit S 160 units 580 units Specific ID $95 per unit 50.900

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 1 March 5, March 9 March 18 March 25 March 29 Gross Margin Activities Beginning inventory. Purchase Sales Less Cost of goods sold Gross profit Sales Purchase Purchase Sales Totals $ FIFO Units Acquired at Cost @ $50 per unit @$55 per unit 50,900 $ 100 units 400 units 120 units 200 units 820 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. (Round weighted average cost per unit to 2 decimal places.) @$60 per unit @ $62 per unit LIFO Weighted Average 50,900 50,900 $ $ Units Sold at Retail 420 units @ $85 per unit 160 units 580 units Specific ID @ $95 per unit 50.900
Transcribed Image Text:[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 Less Cost of goods sold Gross profit Sales Purchase Purchase Sales Totals $ FIFO Units Acquired at Cost @ $50 per unit @$55 per unit 50,900 $ 100 units 400 units 120 units 200 units 820 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. (Round weighted average cost per unit to 2 decimal places.) @$60 per unit @ $62 per unit LIFO Weighted Average 50,900 50,900 $ $ Units Sold at Retail 420 units @ $85 per unit 160 units 580 units Specific ID @ $95 per unit 50.900
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