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 Beginning inventory Purchase Sales Purchase Purchase Sales Totals Sales Less: Cost of goods sold Gross profit FIFO Units Acquired at Cost $51.60 per unit $56.60 per unit LIFO 130 units 240 units 100 units 180 units 650 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80 units from beginning inventory, 210 units from the March 5 purchase, 60 units from the March 18 purchase, and 100 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. $61.60 per unit $63.60 per unit Weighted Average Specific ID Units Sold at Retail CORFLEIS 290 units $06.60 per unit 160 units $96.60 per unit 450 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 Beginning inventory Purchase Sales Purchase Purchase Sales Totals Sales Less: Cost of goods sold Gross profit FIFO Units Acquired at Cost $51.60 per unit $56.60 per unit LIFO 130 units 240 units 100 units 180 units 650 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80 units from beginning inventory, 210 units from the March 5 purchase, 60 units from the March 18 purchase, and 100 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. $61.60 per unit $63.60 per unit Weighted Average Specific ID Units Sold at Retail CORFLEIS 290 units $06.60 per unit 160 units $96.60 per unit 450 units
Accounting Information Systems
11th Edition
ISBN:9781337552127
Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Chapter13: The Accounts Payable/cash Disbursements (ap/cd) Process
Section: Chapter Questions
Problem 5P: Our narrative and DFDs are created assuming that accounts payable result from the purchase of...
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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
Beginning inventory
Purchase
Sales
Purchase
Purchase
Sales
Totals
Sales
Less: Cost of goods sold
Gross profit
FIFO
Units Acquired at Cost:
LIFO
130 units
240 units
100 units @
180 units
650 units
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80.
units from beginning inventory, 210 units from the March 5 purchase, 60 units from the March 18 purchase, and 100 units from the
March 25 purchase.
Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.
$51.60 per unit
$56.60 per unit
Weighted
Average
$61.60 per unit
$63.60 per unit
Unita Sold at Retail
Specific ID
290 units $86.60 per unit
A
160 units $96.60 per unit
450 unita
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