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Problem 6-2AA Periodic: Alternative cost flows LO P3 [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic inventory system. It
Problem 6-2AA Periodic: Alternative cost flows LO P3 [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Activities Units Acquired at Cost 200 units $90 per unit 500 units $95 per unit Units Sold at Retail Date Mar 1 Beginning inventory Mar.5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 520 units $125 per unit 320 units $100 per unit 400 units $102 per unit 360 units $135 per unit 880 units Totals 1,420 units For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 450 units from the March 5 purchase; the March 29 sale consisted of 140 units from the March 18 purchase and 220 units from the March 25 purchase Problem 6-2AA Part 4 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.) Weighted Average Specific Identification FIFO LIFO Sales Less: Cost of goods sold Gross proft 0
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