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 Sales Less: Cost of goods sold Gross profit Beginning inventory Purchase Sales Purchase Purchase Sales Totals FIFO Units Acquired at Cost 240 units @ $53.80 per unit 295 units @ $58.80 per unit LIFO 155 units @ $63.80 per unit 290 units @ $65.80 per unit 980 units Problem 6-1A (Algo) Part 4 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 135 units from beginning inventory, 265 units from the March 5 purchase, 115 units from the March 18 purchase, and 155 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Weighted Average Units Sold at Retail Specific ID 400 units @ $88.80 per unit 270 units $98.80 per unit 670 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 Sales Less: Cost of goods sold Gross profit Beginning inventory Purchase Sales Purchase Purchase Sales Totals FIFO Units Acquired at Cost 240 units @ $53.80 per unit 295 units @ $58.80 per unit LIFO 155 units @ $63.80 per unit 290 units @ $65.80 per unit 980 units Problem 6-1A (Algo) Part 4 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 135 units from beginning inventory, 265 units from the March 5 purchase, 115 units from the March 18 purchase, and 155 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Weighted Average Units Sold at Retail Specific ID 400 units @ $88.80 per unit 270 units $98.80 per unit 670 units
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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