Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales...
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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Activities Units Sold at Retail Units Acquired at Cost 180 [email protected] per unit 265 [email protected] per unit Date Mar. 1 Beginning inventory Mar.5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 340 units@ $87.60 per unit 125 units@ 62.68 per unit 239 [email protected] per unit 210 units $97.60 per unit 550 units Totals 800 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 105 units from beginning inventory and 235 units from the March 5 purchase; the March 29 sale consisted of 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.) Gross Margin Sales Less: Cost of goods sold Gross proft FIFO LIFO Avg. Cost Spec. ID 50,280 $ 50,280 S 50,280 $ 50,280
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