[The following information applies to the questions displayed below.) Warnerwoods Company uses a periodic 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 Purchase Sales Totals Problem 5-1A (Algo) Part 4 Sales Less: Cost of goods sold Gross profit $ FIFO Units Acquired at Cost 200 units @ $90 per unit 500 units $95 per unit For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 450 units from the March 5 purchase; the March 29 sale consisted of 140 units from the March 18 purchase and 220 units from the March 25 purchase. 1,420 (1,420) $ 320 units 400 units 1,420 units LIFO 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. $100 per unit $102 per unit Weighted Average 0 $ Units Sold at Retail Specific Identification 520 units $125 per unit $ 360 units $135 per unit 880 units
[The following information applies to the questions displayed below.) Warnerwoods Company uses a periodic 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 Purchase Sales Totals Problem 5-1A (Algo) Part 4 Sales Less: Cost of goods sold Gross profit $ FIFO Units Acquired at Cost 200 units @ $90 per unit 500 units $95 per unit For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 450 units from the March 5 purchase; the March 29 sale consisted of 140 units from the March 18 purchase and 220 units from the March 25 purchase. 1,420 (1,420) $ 320 units 400 units 1,420 units LIFO 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. $100 per unit $102 per unit Weighted Average 0 $ Units Sold at Retail Specific Identification 520 units $125 per unit $ 360 units $135 per unit 880 units
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
Problem 5-1A (Algo) Periodic: Alternative cost flows LO P1
[The following information applies to the questions displayed below.]
Warnerwoods Company uses a periodic 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
Purchase
Sales
Totals
Problem 5-1A (Algo) Part 4
Sales
Less: Cost of goods sold
Gross profit
For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 450 units from the March 5
purchase; the March 29 sale consisted of 140 units from the March 18 purchase and 220 units from the March 25
purchase.
FIFO
Units Acquired at Cost
200 units @ $90 per unit
500 units @ $95 per unit
1,420
(1,420) $
320 units $100 per unit
400 units @ $102 per unit
1,420 units
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.
LIFO
Weighted
Average
0 $
Specific
Identification
Units Sold at Retail
0 $
520 units $125 per unit
360 units $135 per unit
880 units
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0cfa4f04-40a2-41f3-8662-9f69080778f5%2F20d7e309-c532-48e8-8458-0e768957c3c9%2Ffwa1brb_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
Problem 5-1A (Algo) Periodic: Alternative cost flows LO P1
[The following information applies to the questions displayed below.]
Warnerwoods Company uses a periodic 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
Purchase
Sales
Totals
Problem 5-1A (Algo) Part 4
Sales
Less: Cost of goods sold
Gross profit
For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 450 units from the March 5
purchase; the March 29 sale consisted of 140 units from the March 18 purchase and 220 units from the March 25
purchase.
FIFO
Units Acquired at Cost
200 units @ $90 per unit
500 units @ $95 per unit
1,420
(1,420) $
320 units $100 per unit
400 units @ $102 per unit
1,420 units
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.
LIFO
Weighted
Average
0 $
Specific
Identification
Units Sold at Retail
0 $
520 units $125 per unit
360 units $135 per unit
880 units
0
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