Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.   Date Activities Units Acquired at Cost Units Sold at Retail March 1 Beginning inventory 230 units @ $53.60 per unit       March 5 Purchase 290 units @ $58.60 per unit       March 9 Sales       390 units @ $88.60 per unit March 18 Purchase 150 units @ $63.60 per unit       March 25 Purchase 280 units @ $65.60 per unit       March 29 Sales       260 units @ $98.60 per unit   Totals 950 units   650 units     4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 130 units from beginning inventory, 260 units from the March 5 purchase, 110 units from the March 18 purchase, and 150 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 390 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Date Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased # of units Units 350 80 110 Cost per # of units unit sold Unit Cost $ 3.40 3.60 3.70 Perpetual LIFO: Cost of Goods Sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance $ 0

Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 580 units @ $40 per unit       February 10 Purchase 420 units @ $38 per unit       March 13 Purchase 180 units @ $25 per unit       March 15 Sales       755 units @ $70 per unit August 21 Purchase 190 units @ $45 per unit       September 5 Purchase 560 units @ $41 per unit       September 10 Sales       750 units @ $70 per unit   Totals 1,930 units   1,505 units   Required: Compute cost of goods available for sale and the number of units available for sale. Cost: I got 75170 Units:1930 Compute the number of units in ending inventory. I got 425 Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (For specific identification, units sold consist of 580 units from…

Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Units Acquired at Cost @$12.20 = Purchase @$17.20 = Sales Purchase @ $22.20 = Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Required: Hemming uses a perpetual inventory system. 255 units 410 units 455 units 155 units 1,275 units @ $27.20 $ 3,111 7,052 10,101 4,216 $ 24,480 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Units Sold at Retail 210 units 350 units 430 units 990 units @ $42.20 @ $42.20 @ $42.20