Question
Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 80 units
Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 210 units from the March 5 purchase; the March 29 sale consisted of 60 units from the March 18 purchase and 100 units from the March 25 purchase
Mar.1Beginning inventory130units @ $51.60 per unit
Mar.5Purchase240units@ $56.60 per unit
Mar.9Sales290units@ $86.60 per unit
Mar.18Purchase100units@ $61.60 per unit
Mar.25Purchase180units@ $63.60 per unit
Mar.29Sales160units@ $96.60 per unit
Totals650units450units
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