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Problem 5 - 1 A ( Algo ) Perpetual: Alternative cost flows LO P 1 [ The following information applies to the questions displayed below.
Problem A Algo Perpetual: Alternative cost flows LO P
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.
tableDateActivities,Units Acquired at costUnits Sold at RetailMarch Beginning inventory, units @ $ per unit,tableMarch March Purchase, units @$ per unit,tableMarch March tableSalesPurchase units @ $ per unitMarch tablePurchasePurchase units @ $ per unit,March tableSalesTotals units @ $ per unit,@$ per unit
Problem A Algo Part
Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include units from beginning inventory, units from the March purchase, units from the March purchase, and units from the March purchase.
Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.
tableGross Margin,FIFO,LIFO,tableWeightedAverageSpecific IDSalesLess: Cost of goods sold,,,,Gross profit,,,,
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