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Accounting practice help ouTube Maps Foundations of Bu... Chapter 4 Learn S... Saved omework Required i Required information [The following information applies to the questions
Accounting practice help
ouTube Maps Foundations of Bu... Chapter 4 Learn S... Saved omework Required i Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic 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 130 units @ $65 per unit Mar. 5 Purchase 430 units @ $70 per unit Mar. 9 Sales 450 units @ $100 per unit Mar. 18 Purchase 180 units @ $75 per unit Mar. 25 Purchase 260 units @ $77 per unit Mar. 29 Sales 220 units @ $110 per unit Totals 1, 000 units 670 units For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 380 units from the March 5 purchase; the March 29 sale consisted of 70 units from the March 18 purchase and 150 units from the March 25 purchase. 4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar.) FIFO LIFO Weighted Average Specific Sales Identification Less: Cost of goods sold Gross profit 0 $ o $ MacBook ProStep by Step Solution
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