Required information [The following information applies to the questions displayed below.] Warnerwoods Company...
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Accounting
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[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.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
Mar.
1
Beginning inventory
120
units
@ $51.40 per unit
Mar.
5
Purchase
235
units
@ $56.40 per unit
Mar.
9
Sales
280
units
@ $86.40 per unit
Mar.
18
Purchase
95
units
@ $61.40 per unit
Mar.
25
Purchase
170
units
@ $63.40 per unit
Mar.
29
Sales
150
units
@ $96.40 per unit
Totals
620
units
430
units
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 75 units from beginning inventory and 205 units from the March 5 purchase; the March 29 sale consisted of 55 units from the March 18 purchase and 95 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)
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