Sagar 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 5ActivitiesBeginning inventoryPurchaseMarch 9SalesMarch 18PurchaseMarch 25PurchaseUnits Acquired at Cost100 units @ $51.00 per unit225 units @ $56.00 per unit85 units @ $61.00 per unit150 units @ $63.00 per unitUnits Sold at Retail260 units @$86.00 per unitMarch 29SalesTotals560 units130 units @ $96.00 per unit390 units4. Compute gross profit earned by the company for each of the four costing methods. For specific Identification, units sold Include 65units from beginning Inventory, 195 units from the March 5 purchase, 45 units from the March 18 purchase, and 85 units from theMarch 25 purchase.Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.Gross MarginFIFOLIFOWeightedAverageSpecific IDSalesLess Cost of goods soldGross profit

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Description: Sagar 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 5Activities

The perpetual inventory system is one of the inventory systems where the inventory is updated after…

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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 Activities Beginning inventory Purchase 100 units 225 units Units Acquired at Cost @$51.00 per unit @ $56.00 per unit Units Sold at Retail March 9 Sales 260 units @ $86.00 per unit. March 18 March 25 Purchase Purchase 85 units 150 units $61.00 per unit @$63.00 per unit March 29 Sales 130 units @$96.00 per unit Totals 560 units 390 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 65 units from beginning Inventory. 195 units from the March 5 purchase, 45 units from the March 18 purchase, and 85 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Gross Margin FIFO LIFO Weighted Average Specific ID Sales Less: Cost of goods sold Gross profit

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 Activities Beginning inventory Purchase 100 units 225 units Units Acquired at Cost @$51.00 per unit @ $56.00 per unit Units Sold at Retail March 9 Sales 260 units @ $86.00 per unit. March 18 March 25 Purchase Purchase 85 units 150 units $61.00 per unit @$63.00 per unit March 29 Sales 130 units @$96.00 per unit Totals 560 units 390 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 65 units from beginning Inventory. 195 units from the March 5 purchase, 45 units from the March 18 purchase, and 85 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Gross Margin FIFO LIFO Weighted Average Specific ID Sales Less: Cost of goods sold Gross profit

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 3AP

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