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Required information [ The following information applies to the questions displayed below. ] Warnerwoods Company uses a perpetual inventory system. It entered into the following
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.
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. Compute the cost assigned to ending inventory using a FIFO, b LIFO, c weighted average, and d specific identification. For specific identification, units sold consist of units from beginning inventory, from the February purchase, from the March purchase, from the August purchase, and from the September purchase.
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