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Can someone please explain to mee how i can calculate FIFO and LIFO. Warnerwoods Company uses a periodic inventory system. It entered into the following
Can someone please explain to mee how i can calculate FIFO and LIFO.
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 120 units @ $55 per unit 420 units @ $60 per unit Mar. 440 units @ $90 per unit Date Activities Mar. 1 Beginning inventory 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 160 units @ $65 per unit 240 units @ $67 per unit 200 units @ $100 per unit 640 units 940 units For specific identification, the March 9 sale consisted of 40 units from beginning inventory and 400 units from the March 5 purchase; the March 29 sale consisted of 60 units from the March 18 purchase and 140 units from the March 25 purchase. Problem 5-1A (Algo) Part 4 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 Sales $ 59,600 $ Weighted LIFO Specific Average Identification 59,600 $ 59,600 $ 59,600 39,680 39,480 59,600 $ 19,920 $ 20,120 Less: Cost of goods sold Gross profit $ 59,600 $Step by Step Solution
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