Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales...
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Accounting
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
160
units
@ $52.20 per unit
Mar.
5
Purchase
255
units
@ $57.20 per unit
Mar.
9
Sales
320
units
@ $87.20 per unit
Mar.
18
Purchase
115
units
@ $62.20 per unit
Mar.
25
Purchase
210
units
@ $64.20 per unit
Mar.
29
Sales
190
units
@ $97.20 per unit
Totals
740
units
510
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 95 units from beginning inventory and 225 units from the March 5 purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 115 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)
Gross Margin
FIFO
LIFO
Avg. Cost
Spec. ID
Sales
Less: Cost of goods sold
Gross profit
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