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 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 170 units @ $52.40 per unit 260 units @ $57.40 per unit 120 units @ $62.40 per unit 220 units @ $64.40 per unit 770 units Units Sold at Retail 330 units @ $87.40 per unit 200 units @ $97.40 per unit 530 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 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 170 units @ $52.40 per unit 260 units @ $57.40 per unit 120 units @ $62.40 per unit 220 units @ $64.40 per unit 770 units Units Sold at Retail 330 units @ $87.40 per unit 200 units @ $97.40 per unit 530 units
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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[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
220 units
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. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)
@ $62.40 per unit
@ $64.40 per unit
Weighted
Average
Units Sold at Retail
Specific ID
330 units@ $87.40 per unit
200 units @ $97.40 per unit
530 units](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F24ba1987-14e6-4b1d-a808-f1549dd14f0a%2Fb96a4434-037d-47a9-bc23-0a24daf8ac69%2F4lqda8_processed.jpeg&w=3840&q=75)
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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
170 units @ $52.40 per unit
260 units @ $57.40 per unit
LIFO
120 units
220 units
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. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)
@ $62.40 per unit
@ $64.40 per unit
Weighted
Average
Units Sold at Retail
Specific ID
330 units@ $87.40 per unit
200 units @ $97.40 per unit
530 units
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