FIFO

Chapter 6 Saved Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Units Acquired at Cost 210 units @ $53.20 per unit 280 units @ $58.20 per unit Date Activities Mar. 1 Beginning inventory Mar 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 370 units@ $88.20 per unit 140 units@ $63.20 per unit 260 units@ $65.20 per unit 890 units 240 units@ $98.20 per unit 610 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 120 units from beginning inventory and 250 units from the March 5 purchase the March 29 sale consisted of 100 units from the March 18 purchase and 140 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) FIFO LIFO Avg. Cost Spec, ID Gross Margin Sales Less Cost of goods sold Gross profit