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 transactionsfor March.DateMarch 1March 5March 9March 18March 25March 29Gross MarginActivitiesBeginning inventoryPurchaseSalesPurchasePurchaseSalesTotalsSalesLess: Cost of goods soldGross profitFIFOUnits Acquired at Cost@ $52.40 per unit@ $57.40 per unitLIFO170 units260 units120 units220 units770 units4. Compute gross profit earned by the company for each of the four costing methods. For specific Identification, units sold include 100units from beginning Inventory, 230 units from the March 5 purchase, 80 units from the March 18 purchase, and 120 units from theMarch 25 purchase.Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.@ $62.40 per unit@ $64.40 per unitWeightedAverageUnits Sold at RetailSpecific ID330 units @ $87.40 per unit200 units @ $97.40 per unit530 units

[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 170 units @ $52.40 per unit 260 units @ $57.40 per unit LIFO 120 units @ $62.40 per unit 220 units @ $64.40 per unit 770 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific Identification, units sold include 100 units from beginning Inventory. 230 units from the March 5 purchase, 80 units from the March 18 purchase, and 120 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 330 units @ $87.40 per unit 200 units @ $97.40 per unit 530 units

[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 170 units @ $52.40 per unit 260 units @ $57.40 per unit LIFO 120 units @ $62.40 per unit 220 units @ $64.40 per unit 770 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific Identification, units sold include 100 units from beginning Inventory. 230 units from the March 5 purchase, 80 units from the March 18 purchase, and 120 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 330 units @ $87.40 per unit 200 units @ $97.40 per unit 530 units

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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