I need help with computing the gross profit Warnerwoods Company uses...
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Accounting
I need help with computing the gross profit
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
Mar.
1
Beginning inventory
110
units
@ $51.20 per unit
Mar.
5
Purchase
230
units
@ $56.20 per unit
Mar.
9
Sales
270
units
@ $86.20 per unit
Mar.
18
Purchase
90
units
@ $61.20 per unit
Mar.
25
Purchase
160
units
@ $63.20 per unit
Mar.
29
Sales
140
units
@ $96.20 per unit
Totals
590
units
410
units
value 12.50 points Problem 5-1A Part 4 Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 200 units from the March 5 purchase, the March 29 sale consisted of 50 units from the March 18 purchase and 90 units from the March 25 purchase. (Round weighted average cost per unit to two decimals.) 4. Weighted AverageIdentification Specific FIFO LIFO Sales Less: Cost of goods sold Gross profit
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