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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F84fefd46-9e74-4d61-9ac5-d103349d245d%2F2354d7c7-27a9-48f4-abb6-233266ac6a58%2F533pq3h_processed.png&w=3840&q=75)
Transcribed Image Text:!
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
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