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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 $51.60 per unit $56.60 per unit LIFO 130 units 240 units 100 units 180 units 650 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80 units from beginning inventory, 210 units from the March 5 purchase, 60 units from the March 18 purchase, and 100 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. $61.60 per unit $63.60 per unit Weighted Average Specific ID Units Sold at Retail CORFLEIS 290 units $06.60 per unit 160 units $96.60 per unit 450 units

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 $51.60 per unit $56.60 per unit LIFO 130 units 240 units 100 units 180 units 650 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80 units from beginning inventory, 210 units from the March 5 purchase, 60 units from the March 18 purchase, and 100 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. $61.60 per unit $63.60 per unit Weighted Average Specific ID Units Sold at Retail CORFLEIS 290 units $06.60 per unit 160 units $96.60 per unit 450 units

FINANCIAL ACCOUNTING
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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2:42 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 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: LIFO 130 units 240 units 100 units @ 180 units 650 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80. units from beginning inventory, 210 units from the March 5 purchase, 60 units from the March 18 purchase, and 100 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. $51.60 per unit $56.60 per unit Weighted Average $61.60 per unit $63.60 per unit Unita Sold at Retail Specific ID 290 units $86.60 per unit A 160 units $96.60 per unit 450 unita
Transcribed Image Text:2:42 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 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: LIFO 130 units 240 units 100 units @ 180 units 650 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80. units from beginning inventory, 210 units from the March 5 purchase, 60 units from the March 18 purchase, and 100 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. $51.60 per unit $56.60 per unit Weighted Average $61.60 per unit $63.60 per unit Unita Sold at Retail Specific ID 290 units $86.60 per unit A 160 units $96.60 per unit 450 unita
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