Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units sold at Retail Mar. 1 Beginning inventory 250 units@ $54.00 per unit Mar. 5 Purchase 300 units @ $59.00 per unit Mar. 9 Sales 410 units @ $89.00 per unit Mar. 18 Purchase 160 units @ $64.00 per unit Mar. 25 Purchase 300 units @ $66.00 per unit Mar. 29 Sales 280 units @ $99.00 per unit Totals 1,010 units 690 units Compute gross profit earned by the company for each of the four costing method
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.
Date Activities Units Acquired at Cost Units sold at Retail
Mar. 1 Beginning inventory 250 units@ $54.00 per unit
Mar. 5 Purchase 300 units @ $59.00 per unit
Mar. 9 Sales 410 units @ $89.00 per unit
Mar. 18 Purchase 160 units @ $64.00 per unit
Mar. 25 Purchase 300 units @ $66.00 per unit
Mar. 29 Sales 280 units @ $99.00 per unit
Totals 1,010 units 690 units
Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 140 units from the beginning inventory and 270 units from the March 5 purchase; the March 29 sale consisted of 120 units from the March 18 purchase and 160 units from the Marc h25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar)
Gross Margin FIFO LIFO AVG. COST SPEC. ID
Sales ______
Less cost of goods sold ______ _____ _________ ________
Gross profit ______ ______ _________ ________
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