Required Information Problem 6-1A (Algo) Perpetual: Alternative cost flows LO P1 (The following information applies...
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Required Information Problem 6-1A (Algo) Perpetual: Alternative cost flows LO P1 (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 Units sold at Retail Date March 1 Activities Beginning inventory Purchase Units Acquired at Cost 170 units @ $52.40 per unit @ $57.40 per 260 units unit March 5 March 9 Sales @ $87.40 per 330 units unit March 18 Purchase @ $62.40 per 120 units unit @ $64.40 per 220 units unit March 25 Purchase March 29 Sales $97.40 per 200 units unit 530 units Totala 770 units Problem 6-1A (Algo) Part 4 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 100 units from beginning inventory, 230 units from the March 5 purchase, 80 units from the March 18 purchase, and 120 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) FIFO LIFO Weighted Specific Average ID Gross Margin Sales Less: Cost of goods sold Gross profit
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