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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 @ $53.40 per unit @ $58.40 per unit LIFO 220 units 285 units. 145 units @ $63.40 per unit 270 units @ $65.40 per unit 920 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 125 units from beginning inventory, 255 units from the March 5 purchase, 105 units from the March 18 purchase, and 145 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) Weighted Average Units Sold at Retail Specific ID 380 units @ $88.40. per unit 250 units @ $98.40 per unit 630 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 @ $53.40 per unit @ $58.40 per unit LIFO 220 units 285 units. 145 units @ $63.40 per unit 270 units @ $65.40 per unit 920 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 125 units from beginning inventory, 255 units from the March 5 purchase, 105 units from the March 18 purchase, and 145 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) Weighted Average Units Sold at Retail Specific ID 380 units @ $88.40. per unit 250 units @ $98.40 per unit 630 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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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 Sales Less: Cost of goods sold Gross profit Purchase Purchase Sales Totals FIFO Units Acquired at Cost 220 units @ $53.40 per unit 285 units @ $58.40 per unit LIFO 145 units @ $63.40 per unit 270 units @ $65.40 per unit 920 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 125 units from beginning inventory, 255 units from the March 5 purchase, 105 units from the March 18 purchase, and 145 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) Weighted Average Units Sold at Retail Specific ID 380 units @ $88.40 per unit 250 units @ $98.40 per unit 630 units
Transcribed Image Text: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 Sales Less: Cost of goods sold Gross profit Purchase Purchase Sales Totals FIFO Units Acquired at Cost 220 units @ $53.40 per unit 285 units @ $58.40 per unit LIFO 145 units @ $63.40 per unit 270 units @ $65.40 per unit 920 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 125 units from beginning inventory, 255 units from the March 5 purchase, 105 units from the March 18 purchase, and 145 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) Weighted Average Units Sold at Retail Specific ID 380 units @ $88.40 per unit 250 units @ $98.40 per unit 630 units
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