Problem 6-2AA (Static) Periodic: Alternative cost flows LO P3[The following information applies to the questions displayed below.]Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactionsfor March.DateMarch 1ActivitiesBeginning inventoryMarch 5PurchaseMarch 9SalesMarch 18PurchaseMarch 25PurchaseMarch 29Sales:TotalsUnits Acquired at Cost100 units @$50 per unit400 units @$55 per unit120 units @$60 per unit200 units @$62 per unitUnits Sold at Retail420 units @ $85 per unit160 units $95 per unit820 units580 unitsFor specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40units from the March 18 purchase, and 120 units from the March 25 purchase.Problem 6-2AA (Static) Part 44. Compute gross profit earned by the company for each of the four costing methods.Note: Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar.SalesLess: Cost of goods soldGross profitFIFOLIFOWeightedAverageSpecificIdentification

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Description: Problem 6-2AA (Static) Periodic: Alternative cost flows LO P3[The following information applies to the questions displayed below.]Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactionsfor

The inventory can be valued using various methods as FIFO, LIFO and average method. FIFO stands for…

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Problem 6-2AA (Static) Periodic: Alternative cost flows LO P3 [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 Activities Beginning inventory March 5 Purchase March 9 Sales March 18 Purchase March 25 Purchase March 29 Sales Totals Units Acquired at Cost 100 units @ $50 per unit 400 units $55 per unit 120 units @$60 per unit 200 units @ $62 per unit 820 units Units Sold at Retail 420 units @ $85 per unit 160 units $95 per unit 580 units For specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. Problem 6-2AA (Static) Part 4 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar. Sales Less: Cost of goods sold Gross profit FIFO LIFO Weighted Average Specific Identification

Problem 6-2AA (Static) Periodic: Alternative cost flows LO P3 [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 Activities Beginning inventory March 5 Purchase March 9 Sales March 18 Purchase March 25 Purchase March 29 Sales Totals Units Acquired at Cost 100 units @ $50 per unit 400 units $55 per unit 120 units @$60 per unit 200 units @ $62 per unit 820 units Units Sold at Retail 420 units @ $85 per unit 160 units $95 per unit 580 units For specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. Problem 6-2AA (Static) Part 4 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar. Sales Less: Cost of goods sold Gross profit FIFO LIFO Weighted Average Specific Identification

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 62E

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