Subject :- Account 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 transactionsfor March.DateMarch 1March 5March 9March 18March 25March 29Gross MarginActivitiesSalesLess: Cost of goods soldGross profitBeginning inventoryPurchaseSalesPurchasePurchaseSalesTotalsFIFOUnits Acquired at Cost180 units@ $52.60 per unit265 units @ $57.60 per unitLIFO125 units @230 units @800 units4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 105units from beginning inventory, 235 units from the March 5 purchase, 85 units from the March 18 purchase, and 125 units from theMarch 25 purchase.Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.$62.60 per unit$64.60 per unitWeightedAverageUnits Sold at RetailSpecific ID340 units @ $87.60 per unit210 units @ $97.60 per unit550 units

Gross profit=Sales-Cost of goods sold

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 Sales Less: Cost of goods sold Gross profit Beginning inventory Purchase Sales Purchase Purchase Sales Totals FIFO Units Acquired at Cost 180 units @ $52.60 per unit 265 units @ $57.60 per unit LIFO 125 units @ $62.60 per unit 230 units @ $64.60 per unit 800 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 105 units from beginning inventory, 235 units from the March 5 purchase, 85 units from the March 18 purchase, and 125 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 340 units @ $87.60 per unit 210 units @ $97.60 per unit 550 units

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 Sales Less: Cost of goods sold Gross profit Beginning inventory Purchase Sales Purchase Purchase Sales Totals FIFO Units Acquired at Cost 180 units @ $52.60 per unit 265 units @ $57.60 per unit LIFO 125 units @ $62.60 per unit 230 units @ $64.60 per unit 800 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 105 units from beginning inventory, 235 units from the March 5 purchase, 85 units from the March 18 purchase, and 125 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 340 units @ $87.60 per unit 210 units @ $97.60 per unit 550 units

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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