! 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 transactio for March. Date March 1 March 5 Activities Beginning inventory Purchase Units Acquired at Cost Units Sold at Retail 100 units 400 units $50 per unit @ $55 per unit March 9 Sales 420 units @ $85 per unit March 18 Purchase 120 units March 25 March 29 Purchase Sales 200 units @ $60 per unit @ $62 per unit Totals 820 units 160 units @ $95 per unit 580 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold incl units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from March 25 purchase. Note: Round weighted average cost per unit to 2 decimal places. Gross Margin Sales Less: Cost of goods sold Gross profit FIFO LIFO Weighted Average Specific ID
! 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 transactio for March. Date March 1 March 5 Activities Beginning inventory Purchase Units Acquired at Cost Units Sold at Retail 100 units 400 units $50 per unit @ $55 per unit March 9 Sales 420 units @ $85 per unit March 18 Purchase 120 units March 25 March 29 Purchase Sales 200 units @ $60 per unit @ $62 per unit Totals 820 units 160 units @ $95 per unit 580 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold incl units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from March 25 purchase. Note: Round weighted average cost per unit to 2 decimal places. Gross Margin Sales Less: Cost of goods sold Gross profit FIFO LIFO Weighted Average Specific ID
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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