Question
Please help me ! thank you Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It
Please help me ! thank you
Required information
[The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual 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 | 80 | units | @ $50.60 per unit | |||||||
Mar. | 5 | Purchase | 215 | units | @ $55.60 per unit | |||||||
Mar. | 9 | Sales | 240 | units | @ $85.60 per unit | |||||||
Mar. | 18 | Purchase | 75 | units | @ $60.60 per unit | |||||||
Mar. | 25 | Purchase | 130 | units | @ $62.60 per unit | |||||||
Mar. | 29 | Sales | 110 | units | @ $95.60 per unit | |||||||
Totals | 500 | units | 350 | 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 55 units from beginning inventory and 185 units from the March 5 purchase; the March 29 sale consisted of 35 units from the March 18 purchase and 75 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
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