Required information [The following information applies to the questions displayed below.) Warnerwoods Company uses a...
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Required information [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 Units Acquired at Cost 180 units @ $52.60 per unit 265 units $57.60 per unit 340 units $87.60 per unit Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 125 units $62.60 per unit 230 units $64.60 per unit 210 units . $97.60 per unit 550 units 800 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 105 units from beginning inventory, 235 units from the March 5 purchase, 85 units from the March 18 purchase, and 125 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 Average Gross Margin Specific ID Sales Low Cost of goods sold Gross profit
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