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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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