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 March 1 Beginning inventory 230 units @ $53.60 per unit       March 5 Purchase 290 units @ $58.60 per unit       March 9 Sales       390 units @ $88.60 per unit March 18 Purchase 150 units @ $63.60 per unit       March 25 Purchase 280 units @ $65.60 per unit       March 29 Sales       260 units @ $98.60 per unit   Totals 950 units   650 units     4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 130 units from beginning inventory, 260 units from the March 5 purchase, 110 units from the March 18 purchase, and 150 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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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
March 1 Beginning inventory 230 units @ $53.60 per unit      
March 5 Purchase 290 units @ $58.60 per unit      
March 9 Sales       390 units @ $88.60 per unit
March 18 Purchase 150 units @ $63.60 per unit      
March 25 Purchase 280 units @ $65.60 per unit      
March 29 Sales       260 units @ $98.60 per unit
  Totals 950 units   650 units  

 

4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 130 units from beginning inventory, 260 units from the March 5 purchase, 110 units from the March 18 purchase, and 150 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)

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