Please answer in graph form as in image [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 29ActivitiesBeginning inventoryPurchaseSalesPurchasePurchaseUnits Acquired at Cost130 units @ $51.60 per unit240 units @ $56.60 per unit100 units @ $61.60 per unit180 units @ $63.60 per unitUnits Sold at Retail290 units @ $86.60 per unitSalesTotals650 units160 units @ $96.60 per unit450 units4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80units from beginning inventory, 210 units from the March 5 purchase, 60 units from the March 18 purchase, and 100 units from theMarch 25 purchase.Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.Gross MarginFIFOLIFOWeightedAverageSpecific IDSalesLess: Cost of goods soldGross profit

Gross Profit Earned by Warnerwoods Company (Perpetual Inventory System)We will calculate the gross…

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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 7MCQ

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