(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 S March 9 March 18 Activities Units Acquired at Cost 190 units $52.8e per unit 270 units e $57.80 per unit Mi Sold at Retail Beginning inventery Purchase Sales Purchase Purchase Sales 35e units e s7.0 per unit March 25 March 29 130 units e $62.80 per unit 240 units e $64.80 per unit 220 units e s97.80 per unit Totals 830 units 570 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 110 units from beginning inventory, 240 units from the March 5 purchase, 90 units from the March 18 purchase, and 130 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) Answer is complete but not entirely correct. Welghted Average Gross Margin FIFO UFO Specifie 10 Sales 52.246 S 52.246 52.246 52246 Less Cost of goods sold Gross proft (32.546) O 33,02 O 18.264 S 35,276 O 27.948 19,700 OS 16,970 O5 24.296O
(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 S March 9 March 18 Activities Units Acquired at Cost 190 units $52.8e per unit 270 units e $57.80 per unit Mi Sold at Retail Beginning inventery Purchase Sales Purchase Purchase Sales 35e units e s7.0 per unit March 25 March 29 130 units e $62.80 per unit 240 units e $64.80 per unit 220 units e s97.80 per unit Totals 830 units 570 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 110 units from beginning inventory, 240 units from the March 5 purchase, 90 units from the March 18 purchase, and 130 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) Answer is complete but not entirely correct. Welghted Average Gross Margin FIFO UFO Specifie 10 Sales 52.246 S 52.246 52.246 52246 Less Cost of goods sold Gross proft (32.546) O 33,02 O 18.264 S 35,276 O 27.948 19,700 OS 16,970 O5 24.296O
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![[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
Activities
Beginning inventory
Purchase
Sales
Purchase
Units Acquired at Cost
198 units e $52.88 per unit
278 units e $57.80 per unit
Bnits Sold at Retail
350 units e s87.se per unit
Purchase
Sales
130 units e $62.88 per unit
240 units e $64.80 per unit
220 units e s97.80 per unit
Totals
830 units
570 units
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 110
units from beginning inventory, 240 units from the March 5 purchase, 90 units from the March 18 purchase, and 130 units from the
March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)
Answer is complete but not entirely correct.
Welghted
Average
Gross Margin
FIFO
LIFO
Specific 1D
Sales
Less: Cost of goods
sold
Gross profit
52,246 Os
52,246
52.246
52.246
(32.540) O
35,276 O
33.982 O
27.948 O
19,700 OS
16,970 Os
18,264 O
24.298O
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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
Activities
Beginning inventory
Purchase
Sales
Purchase
Units Acquired at Cost
198 units e $52.88 per unit
278 units e $57.80 per unit
Bnits Sold at Retail
350 units e s87.se per unit
Purchase
Sales
130 units e $62.88 per unit
240 units e $64.80 per unit
220 units e s97.80 per unit
Totals
830 units
570 units
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 110
units from beginning inventory, 240 units from the March 5 purchase, 90 units from the March 18 purchase, and 130 units from the
March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)
Answer is complete but not entirely correct.
Welghted
Average
Gross Margin
FIFO
LIFO
Specific 1D
Sales
Less: Cost of goods
sold
Gross profit
52,246 Os
52,246
52.246
52.246
(32.540) O
35,276 O
33.982 O
27.948 O
19,700 OS
16,970 Os
18,264 O
24.298O
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