[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

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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