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need the answers for the blanks please! Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March
need the answers for the blanks please!
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 Harch a Beginning inventory 138 units @ $65 per unit Barch s Purchase 438 units 570 per unit March 9 Sales 450 units @ $100 per unit March 18 Purchase 100 units $75 per unit March 25 Purchase 260 units $77 per unit March 29 Sales 220 units $110 per unit Totals 1,000 units 670 units For specific identification, units sold include 70 units from begioning inventory, 380 units from the March 5 purchase. 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 Identification Sales Less Cost of goods sold Gross proft Step by Step Solution
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