FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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FIUMISHI in pigu, reipewe wa
[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
180 units @ $52.68 per unit
265 units @ $57.60 per unit
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 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. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar)
LIFO
125 units @ $62.60 per unit
230 units @ $64.60 per unit
800 units
Weighted
Average
Units Sold at Retail
340 units @ $87.60 per unit
Specific 10
210 units @ $97.60 per unit
550 units
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Transcribed Image Text:FIUMISHI in pigu, reipewe wa [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 180 units @ $52.68 per unit 265 units @ $57.60 per unit 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 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. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar) LIFO 125 units @ $62.60 per unit 230 units @ $64.60 per unit 800 units Weighted Average Units Sold at Retail 340 units @ $87.60 per unit Specific 10 210 units @ $97.60 per unit 550 units
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